Tata Teleservices Maharashtra Limited (TTML) is planning to raise up to Rs 50 billion through issue of preference shares to its promoters and non-convertible debentures (NCDs). The proposal has been approved by its board of directors on June 2, 2020.

According to TTML, it is planning to raise funds by issuing redeemable preference shares worth up to Rs 25 billion to promoters on a preferential basis. In addition, the company plans to raise an equal amount through NCDs in one or more tranches.

However, the reason behind the fund raising exercise has not yet been disclosed by TTML.