Tata Steel announced that the board committee has proposed to seek approval of the members for further issuance of privately placed debt securities (convertible into equity or otherwise) in the international and/or domestic capital markets for an amount not exceeding Rs 140 billion.

The board committee sought approval to increase borrowing limits from Rs 500 billion to Rs 700 billion or the aggregate of the paid up capital and free reserves of the company, whichever is higher.

Further it proposed to create charges on the movable and immovable properties of the company, in respect of borrowings.

Shares of the company gained Rs 6.35, or 1.21%, to settle at Rs 532.10. The total volume of shares traded was 1,312,947 at the BSE (Tuesday).