Tata Teleservices to consider bonus in EGM, shares soar 10%

Tata Teleservices (Maharashtra) shares are locked at 10 percent upper circuit at Rs 6.64 as the company said it would hold extra-ordinary general meeting to consider issue of bonus shares. There were pending buy orders of 18,63,965 shares, with no sellers available.

"...the board of directors proposes to issue bonus shares with the promoter/promoter group forgoing their entitlement to the bonus shares, call for an extra-ordinary general meeting of the members of the company and fix the record date for the purpose of the bonus issuance, in order to comply with the minimum public shareholding requirement," the company in its filing said.

The stock rallied more than 20 percent in last five sessions, but it crashed more than 31 percent in last one month.

Also Read - TataTeleservices: Subscriber figures as on May 31, 2013