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Outcome of board meeting of Tata Motors - DVR

Tata Motors - DVR announced that the Board of Directors of the Company at its meeting held on 25 March 2015, has approved the following :

1. Terms of the proposed Rights Issue of ordinary shares of face value of Rs. 2 each (the "Ordinary Shares") and `A` ordinary shares of face value of Rs. 2 each (the "`A` Ordinary Shares"):

Purpose : Rights Issue Entitlement

Corporate Action Type : Rights Issue of Ordinary Shares and `A` Ordinary Shares

Ratio of Rights entitlement : a) 6 fully paid-up Ordinary Shares for every 109 fully paid-up Ordinary Shares held as on the book closure date. b) 6 fully paid-up `A` Ordinary Shares for every 109 fully paid-up `A` Ordinary Shares held as on the book closure date.

Issue Price : a) Rs. 450 per Ordinary Share (including premium of Rs. 448 per Ordinary Share.)

b) Rs. 271 per `A` Ordinary Share (including premium of Rs. 269 per `A` Ordinary Share.)

Size of the Issue : Up to Rs. 7,500 crores

Number of Shares to be offered through the Issue : a) Up to 150644759 Ordinary Shares b) Up to 26530290 `A` Ordinary Shares

The above terms would be subject to the approvals of SEBI, Reserve Bank of India and all other appropriate authorities as may be necessary and/or subject to such conditions as may be imposed by any of them while granting such approvals, which may be agreed to by the Board of Directors and/or a committee thereof.

2. The buy-back of Secured Non-Convertible Debentures issued by the Company in May 2009, maturity date being 31 March 2016, face value of Rs. 1250 crore, as part of its Debt restructuring programme to ensure a healthy debt equity mix, balanced maturity profile, better terms that would include lower cost of debt.

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