Tata Teleservices Allots 15158152 equity shares upon 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 1,51,58,152 Equity Shares of Rs 10/- each to the investor/s who have exercised their right to convert FCCBs of US$ 8,359,000 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 28, 2007.

Further the Company has informed that, out of the total FCCBs of USS 125 million issued by the Company in June 2004, FCCBs aggregating US$ 90.42 million have so far been converted into 16,17,99,948 equity shares (including this 15th Tranche) of the Company.

Tata Group holding stands marginally reduced to 67% as a consequence of the above-referred allotment.

The stock was trading at Rs.36.75, down by Rs.3.80 or 9.37%. The stock hit an intraday high of Rs.41.45 and low of Rs.36.35.

The total traded quantity was 12401591 compared to 2 week average of 28802387.

Source : Equity Bulls

Keywords