Homegrown auto major Tata Motors today fixed the issue prices of two different types of shares at Rs 450 and Rs 271 per scrip for its proposed Rs 7,500 crore rights issue. At a meeting held today of the company's board also approved buy-back of secured non-convertible debentures issued in May 2009 of face value of Rs 1,250 crore that mature on March 31, 2016, as part of its debt restructuring programme. In a filing to the BSE, the company's board approved fixing of issue price for ordinary share at Rs 450 per share, including premium of Rs 448 per ordinary share. For 'A' ordinary share, the price has been fixed at Rs 271 per share, including premium of Rs 269, it added. In terms of ratio of entitlement, Tata Motors said it will be the same for both categories - six fully paid-up ordinary shares will be issued for every 109 similar shares held as on the book closure date. The company will offer a total of up to 15,06,44,759 ordinary shares and 2,65,30,290 'A' ordinary shares. The two types of shares entail differential rights with regard to voting and dividends. According to the company, "there are few comparable instances.by Indian listed companies of our market capitalization and size". The Tata Motors filing said: "The above terms would be subject to the approvals of SEBI, Reserve Bank of India and all other appropriate authorities as may be necessary." On the buy-back of secured Non-Convertible Debentures issued by the company in May 2009, it said it was a part of debt "restructuring programme to ensure a healthy debt equity mix, balanced maturity profile, better terms that would include lower cost of debt". The Mumbai-based company intends to utilise Rs 7,500 crore to fund various activities, including introduction of more than 100 new commercial vehicles over next three years and passenger vehicles on new modular platform from FY 2016-17. The company, which recently announced a voluntary retirement scheme for its workmen to cut costs, also intends to use the funds to expand in international markets. Shares of Tata Motors were trading at Rs 535 per share in the afternoon trade, up 0.39 per cent from the previous close on the BSE.