Sistema Shyam Teleservices? (SSTL) plans to raise finances have been put on the fast track.
Prior to this, it had been reported that the company planned to raise up to Rs 60 billion to finance its business expansion across India. This has been approved by the operators? shareholders.
The company will raise the amount from Indian or international investors by issuing non-convertible redeemable preference shares.
The move will see SSTL’s authorised share capital to double up from Rs 60 billion to Rs 120 billion, equally divided between equity shares and preference shares. The arrangement however will not change the company?s equity structure.
