Tata Teleservices allots shares on conversion of FCCBs

Tata Teleservices Maharashtra Ltd has announced that the Finance Committee of the Board of Directors of the Company has approved the issue and allotment of an aggregate of 32,006,385 Equity Shares of Rs 10/- each to the investor/s who have exercised their right to convert FCCBs of US$ 17,650,000 held by them into Equity Shares. The Equity Shares have been issued and allotted at a premium of Rs 14.49 per Equity Share (i.e., at a Issue Price of Rs 24.49 per share) in accordance with the terms of the FCCB Issue. Previously the conversion price was Rs 24.96 per share according the terms of the issue, it got adjusted to Rs 24.49 per share after the rights issue of shares of the Company in January 2007. The deemed date of allotment of the Equity Shares is September 21, 2007.

Out of the total FCCBs of US$ 125 million issued by the Company in June 2004, FCCBs aggregating US$ 82.06 million have so far been converted into 14,66,41,796 equity shares (including this 14th Tranche) of the Company.

Tata Group holding stands marginally reduced to 67.56% as a consequence of the above - referred allotment.

The stock was trading at Rs.38.20, up by Rs.1.65 or 4.51%. The stock hit an intraday high of Rs.39.15 and low of Rs.37.

The total traded quantity was 12053797 compared to 2 week average of 14424038.

Source : Equity Bulls

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