Tata Teleservices (Maharashtra) share price is locked at 5 percent upper circuit in the early trade on February 2 after the company decided to withdraw the plan to convert its AGR dues into equity.
There were pending buy orders of 7,768,842 shares, with no sellers available.
“As the interest amount eligible for conversion is much lesser than as expected and calculated by Tata Teleservices (Maharashtra), 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 DoT that the company is not desirous of opting for conversion of interest into equity,” it said in a statement.
Tata Teleservices (Maharashtra) on January 11 expressed its desire for the conversion of the full amount of such interest related to adjusted gross revenue (AGR) dues into equity, the company said.
The net present value of the interest is expected to be about Rs 850 crore and is subject to confirmation by the Department of Telecommunications.