Tata Motors raises $750 million

India's top and largest commercial vehicle maker Tata Motors has raised $750 million (about Rs 3,600 crore) through global depository issues (GDRs) and convertible bonds to pay off rest of the debt it incurred for acquiring UK's iconic brands Jaguar and Land Rover.

The issue comprised GDRs for $375 million and an equal amount in convertible bonds. The size of the offering was increased by 25%, as the initial fund-raising target closed in less than an hour following robustinvestor demand.

Tata Motors had taken a bridge loan of $3 billion in 2008 to acquire the two brands. It had repaid the rest of the loan through a debt issue and stake sale so far.