Shares of Tata Motors surged close to 10 per cent to hit its upper circuit limit in early trading in Mumbai on Wednesday as the auto major said it will raise $1 billion for its passenger electric vehicle business from TPG Rise Climate at a valuation of up to $9.1 billion.
At 09:25 hours (IST), shares of Tata Motors were at Rs 462.90 on the National Stock Exchange, up 9.9% from previous close.
On Tuesday, Tata Motors closed a transaction to raise Rs 7,500 crore from Abu Dhabi-based ADQ and TPG Rise Climate, marking the first large financing plan by a domestic automaker to boost clean mobility.
The investment is intended to be through a newly formed subsidiary that Tata Motors has created for the electronic vehicle business and TPG-ADQ will hold a stake of 11-15 per cent.
Tata Motors shares have seen a massive jump since last month. In October itself, the stock is up 39 per cent so far. The rally has been on account of the firm showing a record orderbook and speculation of the company purchasing Ford’s manufacturing plant in Chennai.
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