TTML plans to raise $200 million through FCCBs

According to news reports, TTML also plans to raise $200 million through the issue of foreign currency convertible bonds (FCCBs). This will be the second FCCB issue by the company. In June 2004, it had raised $125 million through the FCCB route.

Of this, $50.06 million worth of FCCBs have been converted into equity shares in seven tranches at a price of Rs 24.96 per share.

This had resulted in the Tata Group holding in TTML going down to 66.55 per cent from 74.75 per cent at end June 2004.