India's Tata Steel has raised $875m (€634m) in a foreign convertible bond offering to help finance its $12bn acquisition of Anglo-Dutch rival Chorus, consolidating India's dominance of Asia's convertible bond market for three years in a row.

The announcement came as the Indian market gears up for another year of record gains as a string of fast-growing enterprises seek capital to expand their businesses on the back of the country's economic boom.