Tata Tele FCCB holders exercise rights

The Finance committee of BODs of Tata Teleservices (Maharashtra) have approved the issue and allotment of an aggregate of 75,51,122 equity
shares of Rs.10/- each to various investors who have exercised their right to convert FCCBs of $4,244,000 held by them into equity shares.

According to a release issued to the NSE, the equity shares have been issued and allotted 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.

While the date of allotment of the equity shares is March 11, 2005, the company has further informed that out of the total FCCBs of $125 million issued by the company in June 2004, FCCBs aggregating $32.31 million have so far been converted into 5,74,87,454 equity shares (including Fourth Tranche) at a premium of Rs. 14.96 per share.

After the above referred allotment of shares, the Tata Group holding stands marginally reduced to 67.95%, the release further added.