The company's board has approved seeking shareholders' approval through a postal ballot for raising funds up to Rs 7,500 crore through a rights issue of ordinary shares for meeting the company's growth plans as well as for reducing the debt on its balance sheet, Tata Motors said in a statement.

The quantum, pricing and timing of the issue will be decided later, depending on market conditions post the shareholders' and other approvals, it added.
    
Tata Motors, country's largest automobile company, had registered consolidated revenues of Rs 2,32,834 crore in 2013-14.

The company's shares were trading 1.41 percent down at Rs 596.55 apiece during morning session on the BSE.

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