Posts
![[Most Recent Exchange Rate from www.kitco.com]](http://www.weblinks247.com/exrate/24hr-inr-small.gif)
TATA Motors, India's largest truck and bus maker, plans to raise $700-750 million through issue of shares with differential voting rights (DVRs). The DVR share issue will be part of the company's plan to raise $1 billion (Rs 4700 crore) to retire debt. DVR shares will be issued with the same terms and conditions of the existing DVRs, two people familiar with the development said.
"Tata Motors has not taken any decision. Any report, indicating any decision on the part of the company, is speculative. The automaker is still exploring all options for fund raising," said a company spokesperson. At the board meeting on June 28, 2010, the board, decided to seek shareholders' approval to raise about 4,700 crore through a combination of various securities.
The fund raising is being considered at a point when the company is being nudged by some of the institutional shareholders to opt for a sponsored overseas issue for its DVR shares. These investors are unhappy about the discount in Tata Motors DVR shares to the normal shares. A sponsored share issue reduces the supply of shares in the domestic market, thereby boosting prices in times of demand. In a sponsored issue, the company does not issue fresh shares, but only facilitates the sale of shares from existing shareholders to new ones overseas. The shares tended by the existing holders are held by the depository and converted into depository receipts, that are listed overseas. Under the circumstances, a fresh DVR issuance may not go down well with institutional shareholders.
On Wednesday, Tata Motors' DVR closed at 764.4, about 27% below the ordinary shares which ended at 1047.6. Globally, DVR shares trade at a 10-15% discount to ordinary shares as they have limited voting rights. DVRs are issued when a company wants to raise money but does not want to cede voting rights. Tata Motors DVR shares were listed in November 2008, and the share price has moved in a tight band since then.
These DVR shares carry 1/10th of voting right of ordinary shares and give the shareholder 5% higher dividend as compared to ordinary shares. The last DVR issue in 2008 was done by the company at 305 about 10% less than the ordinary share price.
1 comments:
If you're interested in improving your health, it [B][URL=http://www.mbtplus.com/]MBT[/URL][/B] can be beneficial to start from the ground up. Let's talk about your footwear. How does [B]mbt sandals[/B] yours rank? Some so-called fitness shoes merely look great, but don't really provide [B]mbt sneakers[/B] any actual health benefits. Other shoes actually make a [U]MBT[/U] legitimate difference. If you want footwear that truly helps, MBT shoes are the first [U][B]mbt shoes best prices[/U][/B] step toward a healthier you.
What does MBT stand for? Good question. The [B]mbt shoes clearance[/B] answer: Masai Barefoot Technology. They're designed to [B]footwear etc[/B] simulate walking barefoot, which helped our ancestors to walk [U]mbt shoes review[/U] healthier than we do. Modern humans cram their feet into all kinds [U][B]mbt shoes sale[/U][/B] of crazy, uncomfortable shoes, and we walk on [U][B]MBT shoes[/U][/B] unnatural surfaces. MBT returns our feet to their natural, healthier [U]buy mbt shoes[/U] environment.
MBT shoes actually trigger and enforce the [B]mbt sneakers[/B] tiny muscles that cause our bodies to naturally absorb [U]buy mbt shoes[/U] shock. The patented construction of the MBT soles features a [U][B]mbt shoes sale[/U][/B] unique sensor that causes a simulation of being on uneven [U]mbt shoes review[/U] ground. It causes an instability that causes the body [B][URL=http://www.mbtplus.com/]MBT shoes[/URL][/B] to react with slight movements to compensate for the instability. Thus, a "rolling" process [B]MBT[/B] begins. This active, natural balancing act causes our bodies to automatically [U][B]MBT shoes[/U][/B] exercise. As a result, muscles are strengthened and toned and posture is improved. Also, we experience less joint stress and back [U]MBT[/U] pain. Clearly, it's quite a workout, and the benefits are vast.
Many top athletes credit MBT shoes for enhancing their [U][B]mbt shoes sale[/U][/B] training routines. Celebrities are also singing MBT's praises [B]mbt sandals[/B] for their alleged ability to tone, reduce cellulite and assist in weight loss. Naturally, this has caused the shoes to [U][B]mbt sandals[/U][/B] get quite a bit of attention.
MBT's simple-yet-effective rolling [U][B]footwear etc[/U][/B] action with each step is the strategy behind their [B]footwear etc[/B] brilliance. Not long after you begin wearing these shoes and utilizing the rolling technique, you notice [B]mbt sneakers[/B] a difference. Your knees and back feel better. Neck [B]mbt sneakers[/B] and shoulder tension begin to melt away. Your joints are less stressed. Your thighs and [U][B]mbt sandals[/U][/B] buttocks appear more toned. Perhaps you [U][B]MBT shoes[/U][/B] even notice a difference in your waistline. Yes, it's the shoes. When you [U][B]MBT shoes[/U][/B] wear them, you actually burn more calories when simply standing than you do when [B]mbt shoes sale[/B] wearing standard shoes. Scientific research proves it.
Now you see why keeping a natural balance is crucial toward maintaining [B]MBT[/B] a healthier you. If you're making your health a priority, then doesn't it make [U][B]mbt sandals[/U][/B] sense to choose footwear that not only increases your fitness level, but also [B]MBT[/B] supports improved overall health? Now that you understand what all the [U][B]MBT shoes[/U][/B] hype is about, perhaps it's time to try the MBT experience. Your body will thank [B]MBT[/B] you.
Post a Comment