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Bharti Airtel has opted for a moratorium period of 4 years on the repayment of Rs 3,000 crore of adjusted gross revenue (AGR) dues to the government. The company, however, has decided not to opt for conversion of interest on the deferred dues into equity for the government.
The Union Cabinet had announced a relief that would benefit the telecom companies by making it easier to conduct their business and solve the liquidity problem. Through a Supreme Court order, most telecom companies were offered a four-year moratorium on their dues up to FY17.
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The department of telecommunications (DoT) extended the benefit for the second time and now offered a four-year moratorium for AGR dues up to FY19.
While VI had decided to defer the repayment of dues, Bharti Airtel informed the government of its decision to defer the repayment of dues, getting a 4-year moratorium period.
The Competition Commission of India (CCI) approved Google's proposal of acquiring the minority stake in Bharti Airtel. Google International LLC and Airtel have entered into an agreement to buy a minority stake of 1.28% of equity share capital in the latter, constituting a non-controlling interest.
Other than the equity agreement, both of the companies have also entered into some commercial deals through their associates.
Also, Vodafone Idea has converted its earlier AGR dues of Rs. 16,000 crores into 33% equity stake for the government this January.
Contrasting movements can be seen in the share price of both the telecom players. While VI opened at Rs. 8.35, closed up at Rs.8.50, Bharti Airtel opened at Rs. 684.45 and closed down, by 11 points, at Rs. 673.45.
-by Gautam
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