Tata Teleservices subsidiary to raise Rs 3,000 crore through allotment

, 11:00 AM IST

New Delhi: 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. (ANI)