new delhi within less than a year the countrys largest auto maker tata motors has come to the public for the second time to raise about rs 1500 crore via fixed deposit schemes offering up to 988 per cent annual interest for a threeyear deposit in a public announcement the firm today said on a minimum fixed deposit of rs 20000 for two and three years it would offer 8 per cent and 875 per cent interest respectively under the quarterly income plan under another scheme of cumulative deposit plan tata motors which met with cold response from investors to its two separate rights issues last year to raise rs 4147 crore to partly fund its jaguar and land rover deal would offer 858 per cent interest on a minimum deposit of rs 20000 for two years and 988 per cent for three years though the company has not said how much it plans to raise through this exercise sources close to the development said tata motors is likely to raise about rs 1500 crore from the public it would be a part of the companys capex plan for the next few years as per companies acceptance of deposits rules 1975 amended by the companies acceptance of deposits rules 1978 tata motors could raise up to rs 303026 crore from public while it could have rs 121210 crore from its shareholders in december 2008 it borrowed between rs 2000 crore and rs 2500 crore from public at an annual interest rate of up to 11 per cent for a period of up to 3 years as it was struggling to finance its usd 23 billion jlr buyout in july last year the company had got board approval to raise up to rs 7200 crore through separate rights issues to partfinance the buyout of jlr its right issue however closed in october with a weak response from the public forcing the promoters to subscribe a major chunk thereby taking their holding to 42 per cent from earlier 33 per cent tata motors had suffered a net loss of rs 250525 crore in 200809 mainly on account of jlr that it acquired in march 2008 the expensive jlr marquee suffered on account of the economic meltdown