Tata Tele arm plans to raise $150 million

By siliconindia   |   Friday, 14 May 2004, 19:30 IST
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MUMBAI: Tata Teleservices Maharashtra plans to issue convertible bonds to raise up to $150 million to fund expansion, the Bombay Stock Exchange announced on Thursday. The company joins a growing list of companies that have tapped the foreign currency convertible bond market in the past month, including rival mobile firm Bharti Tele-venturesand vehicle makers Mahindra & Mahindra and Tata Motors. The arm of Tata Teleservices has called for a meeting of shareholders on 28th May to increase its authorised capital by nine billion rupees to 25 billion to facilitate the bond issue, it said. "The company is expanding its networking ... and plans to offer enhanced services," Managing Director S. Ramakrishnan, said, in a notice issued by the exchange. Currently, Tata Teleservices Maharashtra provides CDMA services in two of the 23 circles of the booming mobile telecom market - Mumbai and the circle of Maharashtra and Goa states combined.