Ratan Tata owned Tata Steel, well known as India’s largest metal company, has received a much awaited approval from the shareholders for raising additional funds.

The options for the relative issue will be evaluated after Rio Tinto's Riversdale bid. The share was trading at the BSE with a volume of 1,107,000 shares, and had touched an intraday high and an intraday low of Rs 668.50 and Rs
655.05 respectively.

The share at 10:07 hours was trading at Rs 666.55, up Rs 5.20, or 0.79%. The shares market capitalization stood at Rs 60,137.09 crore when it closed at Rs 661.35 yesterday down by Rs. 11.55 or 1.72%.

The fund raising process is supposed to start after the company’s state run joint venture International Coal Ventures Ltd. will finish reviewing the offer for Riversdale Mining Ltd.

This offer is being reviewed as a counter offer of A$3.9 billion ($3.9 billion) bid from Rio Tinto Group. Coal mines are being sought by the Indian companies in nations abroad, for the production of steel and electricity.