Board of Tata Teleservices Maharashtra approves conversion of interest related to AGR dues into eq

14 Jan 2022 , 01:34 AM

The Board of Tata Teleservices Maharashtra at its meeting held on 11 January 2022 has decided for conversion of the full amount of such interest related to AGR Dues into equity subject to mutual agreement on the terms and conditions including the governance of the Company post conversion of the interest amount into equity shares The Net Present Value NPV of this interest is expected to be approx Rs850 crore as per the Companys best estimates subject to confirmation by the DoT The average price of the Companys shares at the relevant date of 14 August 2021 as per the calculation method provided in the DoT Communication works out to be ~Rs 4150 per share subject to final confirmation by the DoT In case of conversion it will result in dilution of all the existing shareholders of the Company including the Promoters Following conversion it is expected that the Government will hold approx 95Percentage of the total outstanding shares of the Company