Tata motors up $500m loan as structure flags up concerns

Indian company Tata Motors has launched a $500m financing, but is tapping the market via its Singapore subsidiary TML Holdings in a bid to keep its leverage down. The transaction has raised complaints from rival bankers about the deal’s unsecured structure — and what they say is a far too aggressive margin. But the deal’s leads reckon the Tata name will take the transaction past the finish line, writes Rashmi Kumar.