India’s largest corporates, desperate to shore up working capital or pay the interest on overpriced flagship acquisitions, are trying every trick in the book to raise cash from investors, banks and non-bank financial institutions.
Tata Motors, the Indian car manufacturer owned by Mumbai-based Tata Group, saw the value of its American Depositary Receipts fall 77% in the year to December 15 2008. Desperate to raise cash to pay off the $3 billion bridge loan secured to buy UK car marques Land Rover and Jaguar in March 2008, it is turning to retail investors keen to pump capital into the beleaguered corporate.
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