Tata Teleservices - Allotment of equity shares pursuant to conversion of FCCBs

Tata Teleservices Maharashtra Ltd has informed that the Finance Committee of the Board of Directors of the Company has approved the issue and allotment of an aggregate of 1,10,61,697 Equity Shares of Rs 10/- each to the investor/s who have exercised their right to convert FCCBs of US$ 6,100,000 held by them into Equity Shares. The Equity Shares have been issued and allotted at a premium of Rs 14.49 per Equity Share (i.e., at a Issue Price of Rs 24.49 per share) in accordance with the terms of the FCCB Issue. Previously the conversion price was Rs 24.96 per share according the terms of the issue, it got adjusted to Rs 24.49 per share after the rights issue of shares of the Company in January 2007. The deemed date of allotment of the Equity Shares is December 14, 2007.

Out of the total FCCBs of US$ 125 million issued by the Company in June 2004, FCCBs aggregating US$ 108.37 million have so far been converted into 19,43,50,346 equity shares (including this 19th Tranche) of the Company.

Tata Group holding stands marginally reduced to 65.85% as a consequence of the above - referred allotment.