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Shareholders of European Navigation Company TomTom have approved the issueing of 85 million new shares which has allowed the Company to raise $850 Million in capital.

The rights issue is aimed at reducing the company’s heavy debt.

TomTom shareholders approved to issue more than 85 million new ordinary shares, confirmed TomTom. The company has now raised close to A$850  which also includes its plan to sell an approximate $140 million (100 million euro) stake in the company to Cyrte Investments and Janivo Holding, TomTom said.

TomTom’s heavy debt stems from its purchase of map maker Tele Atlas in June last year for $4.3 billion. In April, TomTom reported a net debt of $1.5 billion.

An analyst said the rights issue saves the GPS maker from the threat of bankruptcy, Reuters reported.

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