TTML hits 5% lower circuit as telco opts for equity conversion on government dues – World Affairs SRS

TTML hits 5% lower circuit as telco opts for equity conversion on government dues

– World Affairs SRS

Shares of Tata Teleservices (Maharashtra) (TTML) closed 5 per cent lower circuit at Rs 276.50 on the BSE in Wednesday’s trade after the company decided to convert interest related to adjusted gross revenue (AGR) dues of Rs 850 crore into equity. had decided. , The government will hold approx. According to the company’s estimate, 9.5 percent stake. In October, the company had decided to opt for deferment of these dues.

Presently TTML is trading on BSE under T Group. In the T2T segment, each trade results in a delivery and intra-day netting of positions is not allowed. till 09:21 am; A combined 1.15 million equity shares had changed hands, and sale orders were pending for around 20 million shares on the NSE and BSE.

The Tata Group’s telecom service provider’s stock gained 536 per cent in the past three months, compared to a 1.5 per cent rise in the S&P BSE Sensex till January 11. The stock had hit a record high of Rs 291 on Tuesday. 11 January 2021.

In a filing to the BSE, TTML said that the Net Present Value or the NPV of interest is expected to be around Rs 850 crore as per the company’s estimate, subject to confirmation by the Department of Telecommunications (DoT). The average price of the shares of the Company as on the relevant date of August 14, 2021 as per the calculation method provided in DoT Communication is approximately Rs 41.50 per share, subject to final confirmation by DoT.

The Empowered Committee of the Board of Directors in its meeting held on 11th January, 2022 has expressed its willingness to convert the entire amount of such interest in respect of AGR dues into equity subject to mutually agreed upon terms and conditions. The governance of the company after the interest amount is converted into equity shares is also included. TTML said the company will inform DoT about the foregoing.

TTML further said, in case of conversion, it would result in dilution of all existing shareholders of the company including the promoters. After the conversion, it is expected that the government will hold approx. 9.5 per cent of the total outstanding shares of the company. Click here for release

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