TTML to raise Rs 5 billion through a rights issue of equity shares

TTML has decided to raise Rs 5 billion through a rights issue of equity shares, to be issued in the ratio of two equity shares for every 25 shares. The proposed issue is expected to be priced at about Rs 40 per share against the current market price of about Rs 19. The company is raising funds to repay the debt to group company TTSL and to prepay Rs 750 million to its erstwhile promoters, Hughes Network Systems, USA.