Tata Teleservices Maharashtra (TTML) announced its plans to raise Rs. 3,000 crore from its promoter Tata Teleservices through allotment of preferential equities in a regulatory filing.
As per the filing, the Board of directors of the company at its meeting held on June 25, 2016 considered and approved issue of redeemable preference shares up to an amount of Rs. 3,000 crore to Tata Teleservices Limited (Promoter) on preferential basis.
TTML operates mobile services in Maharashtra, including Mumbai circle, and Goa, where it narrowed its standalone loss to Rs. 159.3 crore for the March quarter in 2016, from Rs. 163.9 crore a year ago.
The company, whose telecom license is expiring in September 2017, has recorded a provision for impairment of CDMA fixed assets of Rs. 29 crore.
Meanwhile, the allotment has to be approved by shareholders like Tata Teleservices (TTSL), Tata Sons.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app