Tata Motors subsidiary issues $280 mln senior notes

MUMBAI: 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.

Australia and New Zealand Banking Group Ltd, Citigroup Global Markets Singapore Pte Ltd, Deutsche Bank AG, Singapore Branch and Standard Chartered Bank acted as joint lead managers and joint bookrunners.