Shares of Tata Teleservices Maharashtra (TTML) have rallied over 2,800% in the past one year and has been locked at 5% upper circuit for several trading sessions now. The stock has risen 86.15% in the past month from a level of Rs 156.35 on 13 December, 2021.
On Tuesday, shares of Tata Teleservices ended 5% up at Rs 291.05 apiece on BSE, its 52-week high.
The stock is in news as the company today said that it will opt for conversion of full amount of interest adjusted gross revenue dues (AGR) into equity. Following conversion, it is expected that the Government will hold approximately 9.5% of the total outstanding shares of the telco, it said in a regulatory filing.
Tata Teleservices (TTSL), along-with its subsidiary Tata Teleservices (Maharashtra), is a growing market leader in the Enterprise space. It offers a comprehensive portfolio of voice, data and managed services to enterprises and carriers in the country under the brand name Tata Tele Business Services (TTBS).
As of December 31, 2021, Tata Group companies held a combined 74.36 per cent holding in TTML, of which Tata Teleservices held 48.30% stake, followed by Tata Sons (19.58 per cent) and Tata Power Company (6.48 per cent), shareholding pattern data shows.
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