Business

Tata Tele Maharashtra shareholders approve fund raising of up to Rs 5000 cr

Shareholders of Tata Teleservices Maharashtra have authorised raising of up to Rs 5,000 crore by issuing preferential shares to guardian agency and non-convertible debentures on non-public placement foundation, in accordance to a regulatory submitting.

Tata Teleservices Maharashtra (TTML) had sought approval for raising up to Rs 2,500 crore by means of issuing non-cumulative redeemable desire shares- sequence 6 on preferential foundation to its guardian agency Tata Teleservices Limited (TTSL) and/or Tata Sons Private Limited and/or to Panatone Finvest Limited in a number of tranches.



The firm additionally sought shareholders nod to difficulty non-convertible debentures of up to Rs 2,500 crore on non-public placement foundation.

Both the particular resolutions of the corporate have been handed with over 99.99 shareholder’s voting of their favour, in accordance to the regulatory filings made by the corporate.

TTML has reported widening of loss to Rs 1,070 crore within the April-June quarter primarily due to a provision of Rs 776.77 crore to clear income dues to the federal government.

The whole income of the corporate declined by 16 per cent to Rs 247.82 crore through the reported quarter from about Rs 291 crore in corresponding quarter of 2019-20.

(Only the headline and film of this report might have been reworked by the Business Standard employees; the remaining of the content material is auto-generated from a syndicated feed.)



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