1. Tata Motors Ltd., India's biggest maker of trucks and buses, sold $450 million of bonds overseas to fund developing new cars and commercial vehicles and meet its plan of spending 120 billion rupees in the next four years to take on competition from Navistar Inc. and Hyundai Motor Co. that are expanding in India.
2. The five-year bonds can be converted into local shares at 960.96 rupees at a conversion premium of 40 percent from the stock's closing yesterday.
Without new models it is hard to sustain revenue in the automobile industry.
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