Airtel opts for interest payment on deferred liabilities, not to issue equity to Govt
Mumbai (Maharashtra) [India], January 7 (ANI): Bharti Airtel said on Friday it will not avail the option of conversion of interest on the deferred spectrum and Adjusted Gross Revenue (AGR) liabilities into equity and rather pay the due amount to the government.
ANI
Jan 07, 2022 13:31 IST
Mumbai (Maharashtra) [India], January 7 (ANI): Bharti Airtel said on Friday it will not avail the option of conversion of interest on the deferred spectrum and Adjusted Gross Revenue (AGR) liabilities into equity and rather pay the due amount to the government.
"In furtherance to the earlier communication dated October 25, 2021 and in reference to the notification dated October 14, 2021 issued by the Department of Telecommunications (DoT) to the Company, we wish to inform you that the Company has confirmed to DoT that it will not avail the option of conversion of the interest on deferred spectrum and AGR dues into equity," Bharti Airtel said in a regulatory filing to the stock exchanges.
The Union Cabinet on September 15 approved a slew of measures to support the cash-strapped telecom firms. The relief measures include a four-year moratorium on payment of spectrum and AGR dues. The telecom firms have also been given the option to pay the interest amount arising due to the deferment of payments by way of issuing equity to the government.
Following the government's announcement, Bharti Airtel and Vodafone Idea opted for the four-year moratorium. However, it has now decided to pay the interest amount to the government instead of issuing the equity.
Bharti Airtel announced on December 17, 2021 that it has pre-paid Rs 15,519 crore to the Department of Telecom towards prepayment of the entire deferred liabilities pertaining to spectrum acquired in the 2014 auction. (ANI)
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