Tata Motors Passenger Vehicles Ltd.

Tata Motors’ wholly-owned subsidiary TML Holdings Pte has raised $277 million by issuing and allotting Singapore dollars 350 million of senior notes due 2018. These notes carry an interest rate of 4.25%. The net proceeds from the issue will be used for the redemption of preference shares issued to Tata Motors and for general corporate purposes.

Automaker has registered a fall of 14.85% in its total vehicle sales at 51,160 units in April 2013, as against 60,086 units sold in the same month last year. Pressurized by slowdown of automobile market in India, Tata Motors has sold just 948 units of its Nano- the People’s car in April this year, down by 88% as compared to 8,028 units sold in April last year.