BackTata Motors Singapore buys back bonds
TML Holdings Pte Ltd has bought S$318,750,000 of the S$350,000,000 senior notes bearing 4.25% interest due in 2018
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Mumbai: Tata Motors Ltd on Monday said its Singapore subsidiary has bought back 91.07% of the S$350 million bonds it sold in 2013.
TML Holdings Pte Ltd has bought S$318,750,000 of the S$350,000,000 senior notes bearing 4.25% interest due in 2018, the company wrote to Indian stock exchanges.
As part of a tender offer, holders of these notes have also completed voting instructions to have their votes cast at a meeting on 11 January for an extraordinary resolution relating to the notes, the company said. The tender closed at 5.00pm (Singapore time) on 31 December.
“Once the extraordinary resolution is passed, the company will have the right to exercise the call option, which will give it the option to redeem all of the balance outstanding notes," the company said.
In May 2013, India’s largest automaker by sales had raised funds from the international market by issuing Singapore dollar bonds to meet working capital requirements and capital expenditure.
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