Tata Steel, one of India's largest steel producers and owned by the famous Ratan Tata, chairman of Tata group of companies, has now received a nod from its shareholders for the additional fund raising it was planning to do.

The plan for raising funds was approved through a postal ballot where majority of shareholders voted for the purpose of additional fund-raising. Three special resolutions were in all approved by the majority.

The collective view of the board for raising funds was in the meeting conducted on November 12.

They plan to raise funds issuing securities, equities and through differential rights for voting and dividend.

The fund that the company is planning to raise is close to 7000 crore and along with that the increase in share capital to Rs. 8350 crore was also discussed in the meeting. The evaluation for the fund-raising options will take place after Rio Tinto's Riversdale bid.

At the stock market the share was up by 2 percent to end the day at Rs. 673 with a total traded volume on NSE being 39.65 lakh shares. 16.88% of the total volume was deliverable volume. The month high for Tata Steel is Rs. 683.