Tata Motors shareholders approve raising up to Rs 6,494.35 cr

Tata Motors on Friday said its shareholders have approved a proposal to raise up to Rs 6,494.35 crore from Tata Sons through the issuance of securities through preferential allotment. In an extraordinary general meeting (EGM) held on Friday, 99.79 percent of the shareholders polled in favor of the resolution, Tata Motors said in a regulatory filing.

Last month, the company's board had approved to raise the capital, which it plans to utilize to reduce debt and to refinance existing loans. Tata Motors' shares on Friday fell 1.16 percent to Rs 162.30 apiece on the BSE.