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Tata Teleservices to expand

NEW DELHI, MAY 13. Tata Teleservices Maharashtra Ltd (TTML) today said it was expanding its network to cover 150 towns and cities with presence in every district of Maharashtra and Goa.

TTML doubled its total subscriber base to 4.85 lakhs. It plans to offer enhanced services to its subscribers, company's Managing Director, S. Ramakrishnan, said after the company board meeting. The additional funding requirement for expansion is being appraised by the group of senior lenders, he added. An extraordinary general meeting of shareholders has been convened on May 28 to increase the authorised capital to Rs. 2,500 crores from Rs. 1,600 crores and to authorise the board to issue foreign currency convertible bonds up to $150 million, which, at the option of the holders, may be converted into equity shares of the company.

UNI

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