New Delhi, Jan 11 (SocialNews.XYZ) Tata Teleservices said on Tuesday that it will opt for conversion of the interest from adjusted gross revenue (AGR) dues into equity.
The Department of Telecommunications had recently put forward various options to the telecom players in connection with their AGR and spectrum liabilities.
Following the conversion of the dues, the Centre will hold 9.5 per cent stake in Tata Teleservices, it said in a regulatory filing on Tuesday.
The conversion, however, will be subject to a mutual agreement on the terms and conditions, including the governance of the company post-conversion of the interest amount into equity shares.
Earlier on Tuesday, Vodafone Idea too announced that it will convert its AGR and spectrum liabilities into equity.
"The board of directors, at its meeting held on January 10, 2022 has approved the conversion of the full amount of interest related to spectrum auction instalments and AGR dues into equity," Vodafone Idea said in a regulatory filing on Tuesday.
It is expected that the Centre will hold around 35.8 per cent of the total outstanding shares of the company, and that the promoter shareholders would be around 28.5 per cent (Vodafone Group) and around 17.8 per cent (Aditya Birla Group), respectively, the filing said.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
