Advertisement
Wednesday, Sep 28, 2022
Outlook.com
Outlook.com

After Vodafone, Tata Group Approves Conversion Of AGR Dues Into Government Equity

According to the regulatory filing, it is expected that the government will hold approximately 9.5% of the total outstanding shares of the company.

After Vodafone, Tata Group Approves Conversion Of AGR Dues Into Government Equity
After Vodafone, Tata Group Approves Conversion Of AGR Dues Into Government Equity
outlookindia.com
2022-01-11T19:31:10+05:30

Tata Teleservices (Maharashtra) Ltd, which is a subsidiary of Tata Group, has approved the conversion of its deferred Adjusted Gross Revenue (AGR) into equity shares, the company notified in a regulatory filing on Tuesday.

According to the regulatory filing, it is expected that the government will hold approximately 9.5% of the total outstanding shares of the company. The Net Present Value of this interest is expected to be approximately Rs 850 crore which is subject to confirmation by the Department of Telecommunications.

“The average price of the Company’s shares at the relevant date of August 14, 2021, as per the calculation method provided in the DoT Communication works out to be ~Rs. 41.50 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,” the company said in the regulatory filing.

Notably, according to the BSE, as of September 2021, the promoters held a 74.36% stake in the company’s equity, whereas Public held a 25.64% stake in the company’s equity.

The development comes the same day when Vodafone Idea approved the conversion of its AGR dues into equity. The government will now own a 35.8% stake in Vodafone Idea.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement