Tata Teleservices to raise Rs 20000 cr

Tata Teleservices said it will be raising Rs 20,000 crore. This will be done via redeemable preference shares, non convertible debentures in one or more tranches or through loan from promoter group - Tata Sons and others

The company stated this decision will be finalized in its Board meeting scheduled on October 18, in its statement on the Bombay Stock Exchange. The telco has Tata Maharashtra unit (TTML) as its listed entity.

Last week, the telecom arm of Tata Sons announced its plans to sell its wireless business to Bharti Airtel in an cash free, debt free deal, making an exit from the mobility business where it was struggling for years.

The firm has a loan of around Rs 30,000 crore. On Thursday, Tata ?Communications ?Thursday said that it is holding 'exploratory talks' to buy the enterprise business of Tata Teleservices and its listed entity Tata Teleservices (Maharashtra).

In August, TTSL said it had not been able to satisfy may recall loans of Rs 1,911 crore as the telecom firm has not been able to satisfy them with its financial performance,