Punch Taverns' plans to raise £375m through a new share issue have been approved by the troubled pub operator's shareholders in a bid to further relieve the company's level of debt.

More than 75 per cent of shareholders were in favour of the proposals following the company's interim management statement for the 40 weeks to 30 May 2009, which reported gross debt that been reduced by £404m since the start of the financial year. Following the publication of its interim results, Giles Thorley, Punch Taverns' chief executive, said that the share issue demonstrated the company's "determination to move beyond the current challenging market conditions, to focus on fundamentals and continue to drive operational change."