Tata Motors plans to issue fresh ADRs
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MUMBAI: Automotive major Tata Motors is considering a sponsored American Depository Receipts (ADR) issue after large shareholders with differential voting rights (DVRs) sought an exit through the US bourses. At least two influential hedge funds and activist shareholders approached the Tata Group flagship citing that the DVRs quoted at a massive discount, not proportionate to the one-tenth voting rights it carried.
The maker of Jaguar and Land Rover is listed in Mumbai, New York and Luxembourg while DVR shares trades only on the Indian exchanges. Tata Motors—the first Indian company to issue differential voting shares—has seen these shares trade at over 30% discount to normal shares.
The company's 10-member board is expected to consider the shareholders' call for a follow-on ADR, which would help the differential shareholders better pricing on NYSE and expand its overseas share float. The exact nature of the ADR issue being debated isn't clear as Tata could also use this opportunity to raise some fresh funding to meet the company's big capex plans, said sources who did not wish to be named.
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