Tata Tele Maharashtra to raise up to Rs 1,300 crore

Tata Teleservices (Maharashtra) today said its Board of Directors has given nod to a proposal to raise up to Rs 1,300 crore through a mix of preference shares and debentures.

"The Board of Directors of the company, at its meeting held on July 31, 2017, has considered and approved to raise funds up to an aggregate amount of Rs 1,300 crore by issue of one or more types of the following securities/instruments," Tata Teleservices (Maharashtra) said in a BSE filing.

These instruments include redeemable preference shares to Tata Teleservices Ltd (promoter) on preferential basis; and/or non-convertible debentures in one or more tranches by way of private placement to the promoters or others; and/or inter corporate deposit/loans, it added.

Shares of the company closed at Rs 7.86 apiece, up 2.61 per cent from its previous close on the BSE.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)