Tata Motors is to seek approval from its shareholders for a capital increase that could see the automaker raise INR47bn (US$1bn).

The manufacturer’s board met yesterday (28 June) and agreed to ask for shareholder approval by postal ballot for.

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“The fund raising will be for meeting the company’s growth plans as well as for reducing the debt on its balance sheet,” Tata said in a statement.

“The timing and structure of the issues will be decided depending upon market conditions post shareholders’ and other approvals.”

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