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Jan 12, 2018 03:21 PM IST | Source:

Tata Teleservices gains 5% on buzz of Tatas repaying Rs 17,000 cr debt

A report in The Economic Times, quoting sources, further added that this brings down the debt level of the company to Rs 6,000 crore now.

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Investors in Tata Teleservices were upbeat about a debt repayment development, which pushed the stock higher by 5 percent intraday on Friday.

According to a report in The Economic Times, Tata Group is said to have paid Rs 17,000 crore of Tata Tele’s debt. The report, quoting sources, further added that this brings down the debt level of the company to Rs 6,000 crore now.

The publication has further cited a source, which outlines another tranche of payment by the end of the month.

"The payment is a clear indicator that Tatas are serious about consolidating the remaining telecom and media businesses," one of the sources told the newspaper.

The company was in the news recently after its debt was assigned a ‘credit watch’ by Care Ratings in December 2017.

Its proposed Commercial Paper worth Rs 6,500 crore has been assigned 'Credit Watch with Developing Implications' by Care Ratings, on the back of Tata Group' plans to transfer its consumer mobile business to Bharti Airtel.

"The ratings on the CP (Commercial Paper) issue of TTML are placed on 'Credit Watch with Developing Implications' on account of the announcement by TTSL (Tata Teleservices Limited) and TTML to combine their consumer telecom business with Bharti Airtel," the company said in a regulatory filing on the ratings.

The rating underlined the "financial flexibility" enjoyed by the company for being part of the Tata group "characterised by demonstrated continued support from Tata Sons".

At 15:16 hrs Tata Teleservices (Maharashtra) was quoting at Rs 7.27, up Rs 0.34, or 4.91 percent, on the BSE. It touched an intraday high of Rs 7.27 and an intraday low of Rs 7.01.
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