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Saturday, Apr 24, 2004

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Corporate - Overseas Borrowings

Tata Tele (Maha) board okays FCCB issue

Our Bureau

Mumbai , April 23

THE board of directors of Tata Teleservices (Maharashtra) Ltd (TTSL) on Friday approved an issue of foreign currency convertible bonds (FCCB) of up to $150 million to international investors.

This would be by way of circulation of an offering circular or prospectus, or by way or private placement, said the company in its notice to the stock exchanges on Friday.

The bonds may be converted into equity shares of the company, at the option of the holders of the securities.

The proposed issue is subject to necessary approvals, and the allotment of securities and/or equity shares may be made in one or more tranches, on such terms and conditions as may be decided and deemed appropriate at the time of issue or allotment.

TTML has a Rs 700-crore capital expenditure plan for the telecom circles of Mumbai, Maharashtra and Goa for the current financial year.

This would be raised through both debt and equity, the company's Chief Operating Officer, Mr Y.V.L. Pandit had announced, at a news conference here last week.

The investment would go chiefly towards increasing CDMA coverage to 150 additional cities and towns in Maharashtra.

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