TTML to raise Rs 2,500 cr by issuing non-convertible debentures

Meanwhile, the company reported a standalone net loss of Rs 169 cr for the quarter ended Dec 31, 2014

Tata Teleservices (Maharashtra) Ltd (TTML) on Thursday said it would raise Rs 2,500 crore through non-convertible debentures in one or more tranches.

“The board of directors of the company at its meeting held on January 29, 2015 have approved the issue of non-convertible debentures up to an amount of Rs 2,500 crore, in one or more tranches, by way of private placement, subject to the approval of shareholders of the company,” TTML said in a BSE filing.

The company reported a standalone net loss of Rs 169 crore for the quarter ended December. It had reported a net loss of Rs 156 crore for the corresponding period last year. Total income from operations rose to Rs 739 crore for the reported period as compared to Rs 682 crore last year. The company said it had made investments to improve third-generation services (3G) coverage and also recently upgraded its data network.

It said data traffic had grown 70 per cent year-on-year. Coupled with price increase, it led to data revenues almost doubling.