Why did Tata Motors’ stock climb more than 20% today?

Why did Tata Motors‘ stock: Tata Motors‘ stock rose more than 20% on Wednesday after the firm said that it will raise USD 1 billion (about Rs 7,500 crore) from TPG Rise Climate for its passenger electric vehicle (EV) business, valued at up to USD 9.1 billion.

FILE PHOTO: A Tata Motors logo is pictured outside the company showroom in Mumbai (REUTERS)

On the BSE, the stock increased by 20.43 percent to 506.75. It soared 23.56 percent to a 52-week high of 519.95 during the day.

On the NSE, it increased by 20.44 percent to 506.90.

On the BSE, the company’s market value increased by 28,538.6 crore to 1,68,256.60 crore.

During the day, 89.05 lakh shares were traded on the BSE and over 19.79 crore shares were traded on the NSE.

Why did Tata Motors‘ stock: The capital would be used to help a new subsidiary of the corporation invest. USD 2 billion (about Rs 16,000 crore) over the next five years to expand its electric vehicle business, including the launch of ten new EV models.

Tata Motors Ltd (TML) and TPG Rise Climate, the private investment firm. TPG’s dedicated climate investing strategy, have signed a binding agreement under which the latter, along with co-investor. ADQ, will invest in a newly incorporated. Tata Motors subsidiary, the company said in a statement on Tuesday.

TPG Rise Climate and co-investors will invest Rs. 7,500 crore in obligatory convertible instruments to gain an. 11-15 percent ownership in the company, valuing it at up to USD 9.1 billion, according to the statement.

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