The board of Brazilian telecom Telesp (TSP) has approved the payment of 340 million Brazilian reals ($191 million) in dividends in the form of interest on its own capital, the company said Thursday in a statement.

The total amount represents a payment of BRL0.63 per common share and BRL0.69 per preferred share.

Telesp, which is the local subsidiary of Spain's Telefonica (TEF), said that the dividend will be paid based on shareholders' positions as of Sept. 30. The company, however, still did not unveil the date to pay the dividends.

-By Rogerio Jelmayer, Dow Jones Newswires; 55-11-2847-4521; rogerio.jelmayer@dowjones.com