The Hindu Business Line : Tata Fin board okays pref issue

THE board of directors of Tata Finance Ltd today approved conversion of Rs 300-crore lent free of interest to the company by Tata Sons and Tata Industries into equity shares on a preferential basis.

The non-banking finance company of the Tata group today said in a communication to the stock exchanges that the issue would be made at a price to be determined by the Securities and Exchange Board of India. It said the money was advanced to it for meeting the regulatory requirement of minimum net-owned funds under the RBI Act. The company would seek shareholders' approval to issue the equity shares at its next annual general meeting.

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