Tata Teleservices has actually okayed conversion of interest payable on deferred AGR due into equityNew Delhi: As if taking hint from Vodafone Concept, Tata Teleservices (Maharashtra) Minimal (TTML) on Tuesday informed that it has actually authorized the conversion of interest payable on its deferred adjusted gross earnings (AGR) due into equity.Once the conversion is done, the federal government holding is anticipated to be about 9.5 per cent in the company.The net present worth (NPV) of this interest is anticipated to be nearly Rs 850 crore as per the business's best price quotes, based on verification by the department of telecom, the company stated in a regulatory filing.The promoter and promoter group held 74.36 percent of TTML's equity as of September-end, while the public held 25.64 percent, according to data on the Bombay stock exchange (BSE) website.TTML shares climbed up 5 percent to a 52-week high of Rs 291.05 on the BSE at the close on January 11.
The shares have actually surged from Rs 2.82 on October 16, 2020.
Earlier in the day, Vodafone Idea had stated it has decided to select converting about Rs 16,000 crore interest fees liability payable to the government into equity, which will amount to around 35.8 percent stake in the business.