TTML to raise Rs 2,500 cr by issuing non-convertible debentures

Tata Teleservices (Maharashtra) Ltd (TTML) on Thursday said it will raise Rs 2,500 crore through non-convertible debentures in one or more tranches.

New Delhi: Tata Teleservices (Maharashtra) Ltd (TTML) on Thursday said it will raise Rs 2,500 crore through non-convertible debentures in one or more tranches.

"...The board of directors of the company at its meeting held on January 29, 2015 have approved the issue of non-convertible debentures up to an amount of Rs 2500 crore, in one or more tranches, by way of private placement, subject to the approval of shareholders of the company," TTML said in a filing to the BSE.

Meanwhile, the company reported a standalone net loss of Rs 169.08 crore for the quarter ended December 31, 2014.

The company had reported a net loss of Rs 156.36 crore for the corresponding period last fiscal, the company said in a filing to the BSE.

Total income from operations of the company rose to Rs 738.56 crore for the reported period as compared to Rs 682.16 crore last year.

The company said it has made investments to improve 3G coverage and also recently upgraded its data network.

The company said data traffic has grown by 70 percent year-on-year, the traffic growth coupled with price increases have led to data revenues almost doubling.

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