Tata Teleservices Maharashtra Limited’s (TTML) shareholders have approved raising of up to Rs 50 billion by issuing preferential shares to parent firm and non-convertible debentures on private placement basis.

TTML had sought approval for raising up to Rs 25 billion by way of issuing non-cumulative redeemable preference shares- series 6 on preferential basis to its parent firm Tata Teleservices Limited (TTSL) and/or Tata Sons Private Limited and/or to Panatone Finvest Limited in one or more tranches.

In addition, the company also sought shareholders nod to issue non-convertible debentures of up to Rs 25 billion on private placement basis.