TTML hits 5% upper limit on withdrawing equity conversion plan on AGR dues


Shares of Tata Teleservices (Maharashtra) were locked at the 5 upper circuit at Rs 149.25 on the BSE on Wednesday after the telecom company said it has decided not to opt for conversion of interest related to adjusted gross revenue (AGR) dues into equity in the name of the government, as planned earlier.


“As the interest amount eligible for conversion is much lesser than as expected and calculated by the Company, the Board of Directors of the Company, in its meeting held on February 1, 2022 has decided to withdraw the desire expressed for conversion and inform the Department of Telecom (DoT) that the Company is not desirous of opting for conversion of interest into equity”, said in exchange filing.





The stock of Tata Group telecom services provider more-than-halved or down 51 per cent after the company on January 10, 2022 announced its decision to convert interest related to AGR dues of Rs 850 crore into equity. It had hit a record high of Rs 291.05 on January 11, 2022.


said that the company communicated the above decision to DoT. The DoT in response has informed the company that the NPV of the interest which is eligible for conversion into equity is only Rs 195.22 crore as against company‘s calculation of Rs 850 crore, the company said.


Currently, is trading under the T group on the BSE. In the T2T segment, each trade has to result in delivery and no intra-day netting of positions is allowed. The counter has seen huge trading activities with volumes jumped an over 10-fold today. Till 09:28 am; a combined 3.9 million equity shares changed hands, and there were pending buy orders for around 34 million shares on the NSE and BSE.

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