Tata Comm raises $350 mn via debt

Tata Comm raises $350 mn via debt
PTI
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First Published: Thu, Mar 12 2009. 05 05 PM IST
Updated: Thu, Mar 12 2009. 05 05 PM IST
New Delhi: Telecom major Tata Communications on Thursday said it has raised $350 million in the form of debt and there is no liquidity problem in the company.
“Tata Communications has raised $350 million in debt and bonds. The company has no liquidity problem,” Tata Comm senior vice-president (strategy and communications) S Addepalli said.
The communication services provider has earmarked $400 million for the purpose of capital expenditure for FY’10, Addepalli added.
The company’s cash reserve as on 31 January, 2009, stood at $300 million.
Tata Communications, the $62.5 billion Tata Group subsidiary, currently has a market capitalisation of over Rs11,700 crore.
Shares of Tata Comm were trading at Rs410.40, up 1.18% in the afternoon trade on the Bombay Stock Exchange.
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First Published: Thu, Mar 12 2009. 05 05 PM IST