Tata Motors jumps 10% as co to raise $1 billion for passenger EV business
At 09:25 hours (IST), shares of Tata Motors were at Rs 462.90 on the National Stock Exchange, up 9.9% from previous close.
On Tuesday, Tata Motors closed a transaction to raise Rs 7,500 crore from Abu Dhabi-based ADQ and TPG Rise Climate, marking the first large financing plan by a domestic automaker to boost clean mobility.
The investment is planned to be through a newly formed subsidiary that Tata Motors has created for the electronic vehicle business and TPG-ADQ will hold a stake of 11-15 per cent.
Tata Motors shares have seen a massive jump since last month. In October itself, the stock is up 39 per cent so far. The rally has been on account of the company showing a record orderbook and speculation of the company purchasing Ford’s manufacturing plant in Chennai.