Tata Teleservices (Maharashtra) Limited's shares were locked in the 5 percent lower circuit on Wednesday after the company approved the conversion of interest payable on its deferred adjusted gross revenue (AGR) dues into equity.

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The government's stake in the corporation is estimated to be roughly 9.5 percent after conversion. Tata Teleservices (Maharashtra) made the statement just hours after Vodafone Idea decided to convert the interest on AGR dues into government equity.

According to a press statement from Tata Teleservices (Maharashtra), the business stated its wish on January 11 to convert the complete amount of such interest connected to AGR dues into equity.

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The interest's net present value is projected to be around Rs 850 crore, however, subject to the Department of Telecommunications approval.

According to the computation technique specified in the DoT letter, the average price of the business's shares at the relevant date of August 14, 2021, works out to Rs 41.50 per share, subject to final approval by the DoT, the company said.

Vodafone Idea Ltd (VIL) too has decided to opt for converting about Rs 16,000 crore interest dues liability payable to the government into equity which will amount to around 35.8 per cent stake in the company.

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First Published:Jan 12, 2022 12:06 PM IST