TTML board approves up to Rs 200 billion fund-raising plans

Tata Teleservices (Maharashtra) Limited’s (TTML) board of directors has cleared a proposal for raising up to Rs 200 billion either through an issue of preference shares to promoters or via debentures. The move comes close on the heels of the Tata Group announcing that the consumer mobile business of TTML as well as that of Tata Teleservices Limited will be taken over by telecom giant Bharti Airtel on a debt-free, cash-free basis. TTML’s fundraising will be done through the issue of one or more types of instruments including redeemable preference shares to promoters, non-convertible debentures in one or more tranches, and/or intercorporate deposits/ loans or commercial paper from the promoters and others.