Tata Tele Maharashtra to raise Rs 20,000 crore in debt

Parent firm Tata Teleservices (TTSL) currently has dues of around Rs 10,000 crore to be paid to the Department of Telecom (DoT).

Published: 11th August 2018 08:38 AM  |   Last Updated: 11th August 2018 08:38 AM   |  A+A-

Tata Teleservices. (File photo | Reuters)

By Express News Service

NEW DELHI: Debt-ridden telecom firm Tata Teleservices Maharashtra on Friday received approval from its board to raise an additional Rs 20,000 crore through debt instruments.

According to the firm, the fundraising will be done either by issue of securities, instruments etc., including redeemable preference shares to promoters on preferential basis, non-convertible debentures or inter-corporate deposit or loans from the promoters or other entities. Parent firm Tata Teleservices (TTSL) currently has dues of around Rs 10,000 crore to be paid to the Department of Telecom (DoT).

TTSL is also in the process of merging its mobile service business with Bharti Airtel and will need to clear dues before the DoT takes merger on record.

The company, whose accumulated losses have exceeded its paid-up capital and reserves, had said in a regulatory filing that it has secured a support letter from the promoters, indicating their willingness to organise for any liquidity shortfall in meeting financial obligations and repayment of debt.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

facebook twitter whatsapp