India's Tata Motors subsidiary issues $280 mln senior notes

Newswire

MUMBAI, May 18 (Reuters) - India's Tata Motors Ltd said its subsidiary TML Holdings Pte Ltd had issued and allotted S$350 million ($280 million) of senior notes due 2018. The notes carry an interest rate of 4.25 percent, Tata Motors, part of the salt-to-steel conglomerate Tata Group, said in a statement on Saturday. Net proceeds from the issue will be used to redeem preference shares issued to Tata Motors and for general corporate purposes, the company said. ...

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