Bs Reporter / Mumbai August 21, 2008, 0:53 IST

Tata Motors drops Rs 3,000-cr convertible preference share issue plan: To sell investments to group firms for part-financing JLR acquisition.

Tata Motors has decided to scrap a plan to raise Rs 3,000 crore by issuing convertible preference shares to help part-finance the acquisition of Jaguar and Land Rover.

The company's board, which met today, instead decided to sell investments to group companies at the prevailing market prices over the next six to eight months.