Tata Teleservices Maharashtra Ltd stated that it has opted for converting the interest from adjusted gross revenue dues amounting to Rs. 850 crore to equity, following which the government will hold 9.5% in the company.

"It is now informed that pursuant to the Empowered Committee of the Board of Directors, at its meeting held on January 11, 2022, the company is expressing its desire for the conversion of the full amount of such interest related to AGR Dues into equity, 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 and various regulatory/legal provisions including Section 62(4) and Section 53 of the Companies Act," the company said.

The company added that the average price of the company’s shares at the relevant date of August 14, 2021, as per the calculation method provided works out to be about ₹41.50 per share, subject to final confirmation by the DoT.

The company added, "In case of conversion, it will result in dilution of all the existing shareholders of the company, including the promoters."