Tata Teleservices (Maharashtra) (TTML) is seeking approval from its shareholders to raise up to Rs 20,000 crore, including from its promoters mainly for repayment of debt. The company might initially accept Inter-Corporate Deposit (ICD) from the promoters including Tata Teleservices (TTSL), Tata Sons (TSL) and Panatone Finvest (Panatone). TTML said the fund-raising plans would be placed for shareholders’ approval at the annual general meeting to be held on September 29, 2018.
The company has proposed to issue up to 200 crore redeemable preference shares of Rs 100 each for cash at par aggregating up to Rs 20,000 crore on preferential basis to TTSL, TSL or Panatone in tranches. The funds raised through one or more options will be utilised primarily for repayment of existing debt of the company, including deferred payment liability to Department of Telecommunications for spectrum and for redemption of the existing Redeemable Preference Shares issued earlier.
TTML is a part of the Tata Group. This telecom services company has its presence all over Maharashtra and Goa.
