At meeting held on 11 January 2022
The Board of Tata Teleservices (Maharashtra) at its meeting held on 11 January 2022 has decided for conversion of the full amount of such interest related to AGR Dues into equity subject to mutual agreement on the terms and conditions, including, the governance of the Company post conversion of the interest amount into equity shares.The Net Present Value (NPV) of this interest is expected to be approx. Rs.850 crore as per the Company's best estimates, subject to confirmation by the DoT. The average price of the Company's shares at the relevant date of 14 August 2021 as per the calculation method provided in the DoT Communication works out to be ~Rs. 41.50 per share, subject to final confirmation by the DoT. In case of conversion, it will result in dilution of all the existing shareholders of the Company, including the Promoters. Following conversion, it is expected that the Government will hold approx. 9.5% of the total outstanding shares of the Company.
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