PUNE: Tata Motors will not be driving in a diesel engine powered Nano in the near future owing to issues related to "refinement and economics".

The company, which is expected to launch the GenX Nano soon, had developed a 2-cylinder 800 cc diesel engine that was also aimed at powering the small car but it has decided against using it for the time being.

Tata Motors, the largest truck maker, is finding more takers for its differentiated voting rights (DVRs) shares than ordinary shares in its ongoing rights issue to raise Rs 7,500 crore. According to the data available with exchanges, Tata Motors' DVR was subscribed 95 per cent on Thursday evening against 83 per cent for the ordinary shares of the company.

The issue that opened on April 17 will close on Saturday. Friday being a holiday and Saturday being a non working day for exchanges, Thursday was the last day for all the investors making online application using the ASBA (application supported by blocked amount) facility. ASBA is also mandatory for all applications for shares worth above Rs 2 lakh.

Tata Motors is finding more takers for its differentiated voting rights (DVRs) shares than ordinary shares in its ongoing rights issue to raise Rs 7,500 crore.

As per data available with exchanges, Tata Motors DVR was subscribed 54% on Wednesday evening against 38% subscription for the ordinary shares of the company. The issue that opened on 17 April will close on Friday.

Tata Motors, the country's fifth largest car maker, announced today the launch of an exclusive campaign for all existing Nano customers - Power of 1+1 programme.

Customers of Nano will have the privilege to be among the first to own the new GenX Nano with Easy Shift (automated manual transmission). Such a transmission set up is seen on the Zest and on models of rival like Maruti Alto and Celerio.

The broader markets outperformed the benchmark indices even as telecom shares rallied despite industry regulator announcing ceiling on tariffs on roaming.

At 2:45PM, the 30-share Sensex was down 42 points at 28,884 and the 50-share Nifty slipped 13 points at 8,766.

Shares of Tata Motors have moved higher by 2% at Rs 561 on the National Stock Exchange (NSE) ahead of rights issue.

The stock will turn ex-rights on Monday, April 6, 2015, in the ratio of 6:109 i.e. six shares will be allotted for every 109 shares held.

Mumbai: Tata Motors Ltd has approached investment banks to underwrite the company’s Rs.7,500 crore rights issue to ensure that stocks are not left unsold in case there is lack of demand from shareholders because of volatile market conditions, according to three bankers who are in discussions with the company.

“There are eight investment banks that have been hired for the rights issue and all of them are underwriting it. Apart from the promoter’s portion, the rest of it will be underwritten by us,” said one of the bankers cited above, who requested anonymity because of the confidentiality of the matter.

Mumbai, March 25: Tata Motors has fixed the price of ordinary shares at Rs 450 apiece and Class A shares at Rs 271 each for its Rs 7,500-crore rights issue, one of the largest in the domestic capital markets.

In its filing with the BSE today, the company said it would offer six shares for every 109 shares of both ordinary and Class A shares.

Tata Motors, India's biggest automaker, has secured board of directors approval for a Rs 7,500 crore rights issue to fund its on-going and future activities.

The Mumbai-based company will issue little over 150 million ordinary shares at Rs 450 per share.

Shares of Tata Motors were trading 1% higher at Rs 552 on the National Stock Exchange (NSE) after the company said its board will meet on Wednesday to consider and approve details of the proposed Rs 7,500 crore rights issue, including fixing the issue price.

A meeting of the board of directors of the company will be held on March 25 to consider and approve the detailed terms of the proposed rights issue aggregating up to Rs 7,500 crore including the issue price and rights entitlement ratio, and the Book closure for issuance of the Securities to the existing shareholders of the company, Tata Motors said in a filing to the BSE.

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