BUSINESS

Tata Motors Surges 15% as TPG Rise to Invest

Tata Motors Ltd’s shares were temporarily frozen in the 15 per cent upper circuit at Rs 483.90 on the Bombay Stock Exchange (BSE) in Wednesday’s intra-day trade after the company; aftermarket hours said it would raise Rs 7,500 crore ($1 billion) in its passenger electric vehicle business from TPG Rise Climate at a valuation of up to $9.1 billion.

The stock trades in the futures & option (F&O) segment, which has no circuit limits. Shares of Tata Motors DVR (Differential Voting Rights), meanwhile, zoomed 20 per cent to Rs 237.20 on the BSE in intra-day trade today.

Tata Motors (TML) and TPG Rise Climate have entered into a binding agreement whereby TPG Rise Climate, along with its co-investor ADQ, shall invest in a subsidiary of Tata Motors that will be newly incorporated Tata Motors said in a statement.

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