Tata Motors Ltd, India's largest truck maker said that it has issued secured non-convertible rupee debentures to financial institutions, raising Rs 4,200 crore to bridge loan worth USD 3-billion the firm had taken to acquire Jaguar and Land Rover.

The issue opened at 10 am and closed at 5 pm to issue debentures in four trenches, guaranteed by the State Bank of India, with maturity range between 23 to 83 months.

The company has already paid USD 1.11 billion by selling 10 million shares or 1.3 per cent equity of Tata Steel Ltd earlier this year. The automobile giant had earlier planned to raise funds by issuing an overseas equity. However, the deal could not be completed due to adverse conditions of the financial market.

The company's Chief Financial Officer, C Ramakrishnan said, ''The issue structure effectively met the company's requirement of tenors, cost and servicing.''

The company is also said to be in talk with other lenders to get loan worth Rs 4,700 crore for remaining repayments. Tata Motors had raised around Rs 2,000 crore in December to arrange funds for shifting Nano plant from Singur to Sanand in Gujarat.