The announcement was made after market hours on Monday, 6 May 2013.
Meanwhile, the BSE Sensex was up 102.97 points, or 0.52%, to 19,776.61.
On BSE, 2.21 lakh shares were traded in the counter as against an average daily volume of 2.27 lakh shares in the past one quarter.
The stock hit a high of Rs 9.45 and a low of Rs 9.09 so far during the day. The stock had hit a 52-week high of Rs 14.82 on 5 July 2012. The stock had hit a 52-week low of Rs 7.40 on 25 March 2013.
The stock had underperformed the market over the past one month till 6 May 2013, rising 5.10% compared with the Sensex's 6.63% rise. The scrip had also underperformed the market in past one quarter, falling 23.88% as against Sensex's 0.17% rise.
The small-cap company has an equity capital of Rs 1897.20 crore. Face value per share is Rs 10.
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Tata Teleservices (Maharashtra) (TTML) had sought relaxation from the market regulator the Securities and Exchange Board of India (Sebi) from certain condition applicable to offer for sale (OFS) of shares by promoters through the stock exchange mechanism.
Sebi has relaxed the maximum allocation limit of 25% of the size to a single investor. It has also permitted TTML to undertake two successive offers with a gap of minimum three days and has also relaxed restrictions with respect to the twelve week cooling off period.
Promoters of TTML, who currently own 77.73% stake (as on 31 March 2013), are planning to sell their shares using the OFS route. The promoter group of the company is allowed to sell the shares of the company up to 1% of the total paid-up share capital of the company on the floor of the stock exchange, subject to certain conditions prescribed in the letter, TTML said in a filing.
Sebi has mandated minimum public shareholding of 25% for private companies and 10% for state-run firms. As per the Sebi mandated minimum public shareholding rule, private-sector companies must cut founders' stake to adhere to the rules by 13 June 2013, while the deadline for state-run firms is 13 August 2013.
Tata Teleservices (Maharashtra) reported a net loss of Rs 197.16 crore in Q3 December 2012, higher than net loss of Rs 144.62 crore in Q3 December 2011. Net sales rose 2.48% to Rs 639.82 crore in Q3 December 2012 over Q3 December 2011.
TTML spearheads the Tata group's presence in the telephony sector in the telecom circles of Maharashtra (including Mumbai) and Goa.
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