India's Tata Motors plans to raise 3 billion rupees via bonds-source

MUMBAI, March 20 Wed Mar 20, 2013 7:03am EDT

MUMBAI, March 20 (Reuters) - India's Tata Motors is planning to raise 3 billion rupees ($55.13 million) through 26-month bonds at 9.15 percent, a source with direct knowledge of the deal said.

The bonds are rated AA by Care rating agency, and Yes Bank is the sole arranger to the bond sale, said the source.

($1 = 54.4150 Indian rupees) (Reporting by Archana Narayanan; Editing by Bijoy Koyitty)