Tata Tele (Maha) to raise up to Rs 20,000 cr

Tata Group's listed telecom company TTML today said it plans to raise up to Rs 20,000 crore through issuance of preference shares to promoters or via bonds.

Tata Teleservices (Maharashtra) Ltd (TTML), whose consumer mobile business is part of the recent deal announced between the Tata Group and Airtel, in a notice to stock exchange said its board will meet on October 18 to consider the fund raising.

It, however, did not specify the purpose of the fund raising.

"...a meeting of Board of Directors of the company is scheduled to be held on October 18 to consider the proposal to raise additional funds up to an aggregate amount of Rs 20,000 crore," it said.

The company added that this will be done through issue of one or more types of instruments including redeemable preference shares to promoters, non-convertible debentures in one or more tranches, and/or inter corporate deposit/loans from the promoters and others.

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