Tata Teleservices (Maharashtra) Ltd (TTML), which had closed yesterday at Rs.142.15, opened itself at its 5% UC of the day at Rs.149.25, where it remains frozen for the day.
The reason for this? The market is very happy with the company’s decision to not go ahead for conversion of interest related to adjusted gross revenue (AGR) dues into equity in the name of the government, as planned earlier.
The company said, “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 of Telecom (DoT) that the Company is not desirous of opting for conversion of interest into equity.”
The company in Jan earlier had announced its decision to convert interest related to AGR dues of Rs 850 crore into equity.