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Tata Motors prices a US$ 450 Million (excluding Green Shoe Option) Foreign Currency Convertible Alternative Reference Securities Offering Press kit

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21 June, 2007

In continuation to the Press Release of June 20, 2007, Tata Motors Limited (“Company”) today announced that it has priced the issue of Foreign Currency Convertible Alternative Reference Securities (“CARS”) aggregating to US$ 450 Million excluding green shoe option (“Issue”). Application will be made to list the CARS on the Singapore Stock Exchange. The CARS will be convertible, at the option of the Company, into either Qualifying Securities (which may be in the form of depositary receipts with restricted rights of withdrawal, representing underlying ordinary shares, with differential rights as to dividend or voting) or ordinary shares or American Depositary Shares. The CARS will be convertible at an initial conversion price of Rs.960.96 per share, which is at a premium of 40% to the Company’s closing share price on the National Stock Exchange of India Limited as on June 20, 2007. The CARS are zero coupon and outstanding CARS, if any, at maturity will be redeemable at a premium of 31.82% of the principal amount.
The Issue was launched before market trading hours on June 21, 2007. Citigroup acted as the sole global coordinator to the Issue with JP Morgan being the joint book runner.

This announcement is not, and is not intended to be, an offer of securities for sale in the United States. Securities of Tata Motors Limited may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933. There is not, and is not intended to be, a public offering of the securities of Tata Motors Limited in the United States.

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