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

The stock of Tata Group telecom services provider tanked 51% after the company on January 10, 2022 announced its decision to convert interest related to AGR dues of Rs 850 crore into equity.

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