Mumbai: Irelia Sports India, owner of the Indian Premier League (IPL) franchise Gujarat Titans, has received shareholder approval to raise up to ₹1,200 crore through borrowings.The resolution was passed at an extraordinary general meeting (EGM) held on March 17, coinciding with Torrent Group's acquisition of a 67% stake in the franchise from CVC Capital for ₹5,025 crore. According to the EGM resolution, the proposed funds will be used to meet financial obligations, including the ₹562 crore annual franchise fee payable to the Board of Control for Cricket in India (BCCI).A special resolution under Section 180(1)(c) of the Companies Act authorises the company to borrow beyond the aggregate of its paid-up capital, free reserves, and securities premium.The borrowings will be secured by creating a mortgage or charge on the company's tangible and intangible, movable and immovable assets.Gujarat Titans declined to comment. According to Brand Finance, Gujarat Titans holds a brand value of $69 million. The consultancy pegged the overall IPL brand value at $12 billion.As per data from business intelligence platform Tofler, the franchise reduced its losses to ₹57 crore for the financial year ending March 31, 2024, from ₹429 crore in the previous year.Revenue more than doubled to ₹776 crore-a 116% jump-making it the highest-earning team among the 10 IPL franchises.