India’s Tata Teleservices may sell Rs. 350 billion preferreds, notes

By Sarah Lizee

Olympia, Wash., May 29 – Tata Teleservices (Maharashtra) Ltd. notified the Bombay Stock Exchange that it plans to issue up to Rs. 350 billion of securities.

The company may issue Rs. 150 billion of redeemable preference shares and/or Rs. 200 billion of nonconvertible debentures in one or more tranches.

The issue was approved at the board meeting held Wednesday and is subject to shareholder approval, according to the notice.

Tata Teleservices is a mobile phone company based in Mumbai, India.

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