Tata Teleservices offers 9.5% stake to India government

Tata Teleservices said it will offer 9.5 percent stake to India government as it will opt for conversion of the interest from adjusted gross revenue (AGR) dues into equity.
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The Department of Telecommunications recently put forward various options to the telecom players in connection with their AGR and spectrum liabilities.

Following the conversion of the dues, India government will hold 9.5 percent stake in Tata Teleservices, TTSL said in a regulatory filing on Tuesday.

The conversion will be subject to a mutual agreement on the terms and conditions, including the governance of the company post-conversion of the interest amount into equity shares.

Earlier on Tuesday, Vodafone Idea too announced that it will convert its AGR and spectrum liabilities into equity.