Tata Teleservices subsidiary to raise Rs. 3000 crore

NEW DELHI: Tata Teleservices (Maharashtra) has announced that it will raise up to Rs 3,000 crore from its promoter Tata Teleservices through allotment of preferential equities.

"Tata Teleservices (Maharashtra) Ltd has announced that the Board of Directors of the Company at its meeting held on June 25, 2016, has considered and approved issue of Redeemable Preference Shares upto an amount of Rs. 3,000 Crores to Tata Teleservices Limited (Promoter) on preferential basis pursuant to provisions of the Companies Act, 2013 and subject to approval of the Shareholders," the company informed BSE Ltd. (Bombay Stock Exchange).

The company, which operates mobile services in Maharashtra, including Mumbai circle, and Goa.