Tata Motors has raised $750m through an international share sale and convertible bond issue, completing the prolonged refinancing of a $3bn bridge loan it raised to fund its acquisition of former Ford marques, Jaguar and Land Rover, last year.

The move, in which Tata Motors sold $375m of global depositary shares and the same amount in convertible bonds, buys India’s largest automotive producer some breathing space as it negotiates one of the most difficult periods in its history.