Tata Tele issues 32 lakh equity shares in lieu of FCCBs

New Delhi, Sept 24 (UNI) Tata Teleservices Maharashtra Ltd today said its board has approved the issue of 32,006,385 equity shares of Rs 10 each to the investors who have exercised their right to convert FCCBs of 17,650,000 dollars held by them.

The equity shares have been issued and allotted at a premium of Rs 14.49 per equity share or at an issue price of Rs 24.49 per share, said a statement.

Out of the total FCCBs of 125 million dollar issued by the Tata Tele in June 2004, FCCBs aggregating 82.06 million dollars have so far been converted into 14,66,41,796 equity shares (including this 14th tranche).

Tata Group holding stands marginally reduced to 67.56 per cent as a consequence of the this allotment.

UNI