The finance committee of the board of directors of Tata Teleservices Maharashtra (TTML) has approved the issue and allotment of an aggregate of 37.36 lakh equity shares of Rs. 10/- each to various investors who have exercised their right to convert FCCBs of $2,100,000 held by them into equity shares. According to a release issed by TTML to the BSE, the equity shares have been issued at a premium of Rs 14.96 per equity share (i.e., at a issue price of Rs.24.96 per share) in accordance with the terms of the FCCB issue. The deemed date of allotment of the equity shares is April 29, 2005.The release further said that out of the total FCCBs of $125 million issued by the company in June 2004, FCCBs aggregating $49.06 million have so far been converted into 8.72 crore equity shares (including 6th tranche) of the company at a premium of Rs.14.96 per share.
