Tata Investment Corporation, a unit of Tata Sons Limited, has informed that company’s board has approved its plan to raise a sum of Rs 448 crore in 2008 via rights issue of zero-coupon convertible bonds. The company has decided to offer one ZCB for every five shares at the face value of Rs 650. Further, the board of directors of the company have recommended the payment of a dividend of 150% on the ordinary share capital i.e. Rs 15 a share of the face value of Rs 10. Tata Investment Corporation Limited operates as an investment company in India. Its activities primarily include investing in long-term investments in equity shares and other securities of companies in a range of industries. The company also distributes mutual funds and other investment related securities. The company’s net profit declined 7% to Rs 44.71 crore on 7.1% fall in net sales to Rs 52.32 crore in Q3 December 2007 over Q3 December 2006.