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IDFC says it lent Rs 500-cr to TTSL for expansion

Press Trust of India  |  Mumbai 

today said it has lent Rs 500-crore to (TTSL) as a long-term debt for carrying out its expansion plans.

In March 2011, "assisted the company (TTSL) by lending Rs 500-crore by way of a 6-year bullet repayment loan with a put/call option at the end of every three-years", a statement from issued here said.

TTSL, which has the Tata Group and NTT as its major shareholders, proposes to raise both debt and equity to finance its capex at a time when it is carrying out fast-paced expansion programme and also incurring cash losses during the initial 3-4-year period, the release said.

The company, which operates in 20 telecom circles across the country, also intends to generate cash by part-selling its investment in mobile towers operator before the latter's initial public offer (IPO) valued at over $3.5-billion where TTSL owns over 50% stake.

First Published: Wed, April 06 2011. 18:12 IST