NTT DoCoMo to subscribe to Tata Tele's $670 million rights issue, raise stake to 26 per cent
29 Mar 2011
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Tata Teleservices plans to raise Rs3,000 crore ($670 million) through a rights share issue that will be subscribed by major shareholders, including Japan's NTT DoCoMo.
NTT DoCoMo is expected to utilise the rights offer to raise its stake in Tata Teleservices to 26 per cent.
Tata Teleservices said it will use the proceeds of the planned $670 million share sale to expand network.
Tata Teleservices Ltd is expected to announce the rights offer on 31 March, sources close to the development said.
The proceeds will help Tata Teleservices build its third- generation wireless network.
Tata Teleservices Maharashtra Ltd (TTLS), the listed unit, provides mobile-phone services in Mumbai and the whole of Maharashtra as well as Goa.
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