Tata Tele Maharashtra plans to raise Rs 20,000 cr
Debt ridden telecom firm Tata Teleservcies Maharashtra today said it is planning to raise additional fund of Rs 20,000 crore through debt instruments.
"...a meeting of the Board of Directors of the company is schedules to be held on Friday, August 10, 2018, to consider the proposal to raise additional funds up to an aggregate amount of Rs 20,000 crore," Tata Teleservices (Maharashtra) said in a regulatory note.
The fund raising, if approved, will be done by issue of one or more types of the securities, instruments etc including redeemable preference shares to promoters on preferential basis, non-convertible debentures or inter coprorate deposit or loans from the promoters or other entities.
The parent firm of the company- Tata Teleservices (TTSL) has dues of around Rs 10,000 crore pending to be paid to the telecom department.
TTSL in process of merging its mobile service business with Bharti Airtel and will need to clear dues before the DoT takes merger on record.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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