Tata-Tele issues equity shares for FCCB conversion

New Delhi, Aug 2 (UNI) Tata Teleservices Maharashtra Ltd today said it will issue 18,13,393 equity shares of Rs 10 each to the investor/s who have exercised their right to convert FCCBs of 1,000,000 dollars held by them into equity shares.

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

Previously the conversion price was Rs 24.96 per share, but the company adjusted the price to Rs 24.49 per share after the rights issue of shares in January this year. The deemed date of allotment of the equity shares is July 20, 2007.

Out of the total FCCBs of 125 million dollars issued by the the company in June 2004, FCCBs aggregating 63.41 million dollars have so far been converted into 11,46,35,411 equity shares (including this 13th Tranche) of the company.

Tata group's holding stands marginally reduced to 65.75 per cent as a consequence of this allotment.

UNI