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Tata Motors plans to seek approval of its shareholders to raise the limits for foreign institutional investors to 35 per cent of the paid-up capital of the company.

In a notice to the Bombay Stock Exchange, the company said that members' approval would be sought through postal ballots.

On Tuesday, Tata Motors share price close down 1.14 per cent to Rs 442.40 on selling pressure, after recent gains.

Tata Infomedia has informed the Bombay Stock Exchange (BSE) that in pursuance of the share purchase agreement dated September 1, 2003, entered into between ICICI ePayments Ltd (acquirers) and Tata Sons & other Tata Companies (vendors), the Acquirers have completed the purchase of 57,19,927 equity shares of Rs 10 representing 49.99 per cent of the total issued and paid up capital of the company from the vendors.

Also, the open offer made by ICICI ePayments in terms of the Letter of Offer dated October 13, 2003 for acquisition of 22,88,430 equity shares of Rs 10 representing 20 per cent of the existing outstanding share capital of the company has also been duly completed.