Bharti seeks equity swap for AGR dues

Bharti Airtel has sprang a surprise by formally writing to the department of telecommunications (DoT), requesting that its deferred adjusted gross revenue (AGR) dues, amounting to around Rs 40,000 crore, be converted into equity under the provisions of the 2021 telecom reforms package, according to people familiar with the matter.

The move on the part of Bharti comes after the government, late last month converted Rs 36,950 crore of Vodafone Idea’s spectrum dues into equity, raising its stake from 22.6% to 48.99%. Before this, the government had converted Rs 16,133 crore of Vodafone Idea’s interest dues into equity.