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Tata Teleservices approves rights issue

MUMBAI: Tata Teleservices Maharashtra plans to raise funds through a rights issue, the Tata group company informed the BSE. The board approved issuing equity shares with a nominal value of Rs. 10 each for cash on a rights basis. It also resolved to keep the issue price within the Rs. 25-27 band for each equity share. A resolution on issuing two equity shares for every 25 existing equity shares held on the record date was also approved, the company said.

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