Tata to issue bonds this month for JLR
Tata Motors, India's largest commercial vehicle maker, may issue bonds to raise Rs 5,000 crore to refinance the remaining $2 billion bridge loan it took to acquire Jaguar and Land Rover. The rest of the amount is expected to come by way of rupee- and dollar-denominated term loans. According to the insiders, State Bank of India (SBI) along with several other banks, was providing a guarantee. When contacted, the company spokesperson did not comment on it. A banker connected with the development confirmed that the bonds would be issued this month. The sources also adds, SBI Caps was in talks with institutional players like Life Insurance Corporation of India as potential buyers. Bankers said the bonds would have a maturity ranging between two and seven years. The remaining amount is due for repayment on June 1.