Tata Motors shareholders approve raising Rs 6,494 cr through security issue

Tata Motors on Friday said its shareholders on Friday have approved a proposal to raise up to Rs 6,494.35 crore from Tata Sons through issuance of securities through preferential allotment.

In an extraordinary general meeting (EGM) held on Friday, 99.79 per cent of the shareholders polled in favour 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 utilise to reduce debt and to refinance existing loans.

Tata Motors' shares on Friday fell 1.16 per cent to Rs 162.30 apiece on the BSE.