Homegrown auto major Tata Motors announced that it has received shareholders' approval for raising $1 billion through debt or equity from overseas market. Besides, the company also got shareholders' nod for raising the company's borrowing limit to Rs 20,000 crore (about $5 billion).

As part of Tata Motors' long-term funding plans, it would raise Rs 7,200 crore through three simultaneous but separate rights issues to part-finance its $2.3 billion buyout of British luxury brands Jaguar and Land Rover. Earlier the company had sought the shareholders' consent for rising up to $1 billion through issue of Foreign Currency Convertible Bonds (FCCBs) or equity shares in the international market.

The company also received approval for increasing the authorised share capital to Rs 3,900 crore, comprising of ordinary shares aggregating to Rs 700 crore, and 'A' ordinary shares worth Rs 200 crore and convertible cumulative preference shares of Rs 3,000 crore. Under its rights issue, it would issue 'A' ordinary shares carrying differential voting rights for up to Rs 2,000 crore on rights basis. 'A' shares would have voting rights at rate of one vote for every 10 'A' ordinary shares. Shares would rank same as ordinary shares of company and would be entitled for dividend, bonus issue among others.

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