(Bloomberg) -- Shares of Tata Motors Ltd., the Indian owner of Jaguar Land Rover, surged 20% after the automaker agreed to sell as much as a 15% stake in its electric-vehicle business to a TPG fund and other investors, which valued the unit at $9.1 billion.Most Read from BloombergHow France Turned the Humble Roundabout Into a Showcase for ArtWhat Comes After GE’s 129 Years of Greenhouse GasWhat the Front Line of the U.S. Abortion Fight in Kentucky Looks Like NowArgentina’s 120-Year-Old Cattle Au
Tata Motors stock flew high on Tuesday after reporting solid numbers and a major move into electric cars.
Tata Motors Limited (NYSE: TTM) to raise about $1 billion in its passenger electric vehicle business via investments from TPG Rise Climate and co-investor ADQ. The investments will be made in a subsidiary of Tata Motors, which will be newly incorporated. The investors will invest in compulsory convertible instruments to secure an 11% - 15% stake in this company, translating to an equity valuation of up to $9.1 billion. Over the next five years, the newly incorporated company will create a portfo