India's Tata Motors raises $750 mln to cut debt

MUMBAI Oct 9 (Reuters) - Tata Motors (TAMO.BO), India's largest commercial vehicles maker, said on Friday it had raised $750 million through issues of Global Depositary Shares (GDS) and convertible notes, and would use the funds to repay debt.

The GDS were issued at $12.54 each, and the convertible notes carry a 4 percent coupon and mature in 2014, the company said.

The fundraising was increased from an initial target of $600 million after bids worth $1.25 billion were received from 40 investors, the company said.

Tata Motors said the funds from would be used to repay outstanding debt of $700 million from its 2008 purchases of the Jaguar and Land Rover brands. (Reporting by Janaki Krishnan; Editing by John Mair)