Tata Invt to raise 4.48 bln rupees via bonds rights issue

MUMBAI, May 16 (Reuters) - Tata Investment Corp Ltd (TINV.BO: Quote, Profile, Research) said on Friday its board approved raising about 4.48 billion rupees through a rights issue of convertible bonds.

One zero coupon convertible bond, with warrant, of face value 650 rupees each will be issued for every five ordinary shares held, the company said in a statement. (Reporting by Bharghavi Nagaraju; Editing by Ramya Venugopal)