Tata Tele board nod for FCCB conversion

The finance committee constituted by the board of directors of Tata Teleservices Maharashtra (TTML) has approved the issue and allotment of an aggregate of 1,12,37,720 equity shares of Rs 10/- each to various investors who have exercised their right to convert FCCBs aggregating $6,316,000 held by them into equity shares.

According to a release issued to the BSE, the equity shares have been issued and allotted for cash at a premium of Rs 14.96 per equity share in accordance with the terms of the FCCB issue. The deemed date of allotment of the equity shares is January 13, 2005.