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“Singtel<\/a> and Airtel’s major shareholders, Bharti Group and Bharti Telecom, intend to subscribe to their full entitlement except for a renunciation by Bharti Telecom in favour of GIC Singapore, which will commit approximately $700 million,” said Singapore Telecommunications (Singtel), the company’s largest stakeholder, in a release.
“GIC has confirmed to subscribe to this renounced entitlement on behalf of the Singapore government and Monetary Authority of Singapore,” Bharti Airtel said. GIC is a sovereign wealth fund established by the Singapore government and will get a 4% stake in Bharti Airtel after the issue.
The Bharti Airtel promoter group, including Bharti Telecom will subscribe to shares worth Rs 11,785.7 crore, with the rest going to the public. Singtel said it will subscribe to 170 million new shares in the rights issue for Rs 3,750 crore ($525 million), representing its 15% direct stake in the telco.
Singtel holds its shares in Airtel directly and through its 48.9% effective interest in Bharti Telecom, which in turn holds a 50.1% stake in the Sunil Mittal-led telco. The Mittal family’s effective interest in Bharti Telecom is 51.1%. Singtel said its effective interest in Airtel will drop to 35.2% - from 39.5% now - with “the renunciation to GIC and upon closing of the rights issue” but it would continue to be “the single largest shareholder in Airtel.”
Insiders estimate the Singtel-Mittal family combined holding will dip to around 63% from 67.14%. The Mittal family will maintain its stake at around 27%.
Further, the promoters can buy any shares not picked up in the rights offer either themselves or through others, in line with current laws, the company said.
The Bharti Airtel board cleared plans last week to raise Rs 32,000 crore through a Rs25,000 crore rights issue at Rs220 a share, and bond sales of Rs 7,000 crore in one of the largest fund-raising exercises by an Indian company. Airtel said it is in the process of appointing banks to take the bond issue forward.
“Our partnership in this rights offering with our partners (read: Airtel) and a leading investor such as GIC reflects our long-standing commitment to Airtel and confidence in the future of the Indian market,” Arthur Lang, Singtel International Group CEO, said in a statement.
Shares in Airtel, which is fighting a bitter battle to protect its market share against a pricing onslaught by Reliance Jio Infocomm, closed down 0.2% at Rs 308.75 on the BSE Thursday. Airtel needs funds to rapidly expand its 4G network and match that of Jio.
Gopal Vittal<\/a>, Airtel’s chief executive, India and South Asia, said the rights issue would “further strengthen the company’s balance sheet with desired financial flexibility so as to meet future opportunities, particularly in the rapidly transforming Indian mobile market”.
S&P Global Ratings recently cautioned that Airtel’s upcoming rights issue is not enough to stabilise its credit rating. Moody’s Investor Service though said, the issue, if completed, would be credit positive as it would allow Airtel to cut debt and improve liquidity.
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新加坡政府投资公司去接Bharti Airtel Rs 5000 cr的4%
新加坡政府的投资部门GIC Pvt Ltd .)将投资5000卢比(7亿美元)去接Bharti Airtel约4%的股份
”新加坡电信和旅馆的大股东,Bharti集团和Bharti电信,打算订阅他们的完整的权利除了放弃Bharti新加坡电信的新加坡政府投资公司,将投入约7亿美元,”新加坡电信(新加坡电信)说,该公司最大的利益相关者。
“GIC已确认订阅这个放弃权利代表新加坡政府和新加坡金融管理局,“Bharti Airtel说。新加坡政府投资公司是一个主权财富基金新加坡政府建立的,将获得4%的股份——Bharti Airtel后问题。
Bharti Airtel子组,包括巴帝电信将订阅股票价值达到11785卢比,与其他公众。新加坡电信表示,将订阅1.7亿股新股增发的3750卢比(5.25亿美元),占其15%直接在电信的股份。
新加坡电信持有其股票在Bharti Airtel直接或通过其48.9%有效兴趣电信、进而持有Sunil Mittal-led电信50.1%的股份。米塔尔家族的有效兴趣Bharti电信是51.1%。新加坡电信表示,其有效的兴趣Airtel将从目前的39.5%降至35.2%————“放弃GIC和关闭的权利问题”,但将继续“Airtel的单一最大股东。”
业内人士估计Singtel-Mittal家族联合控股将从67.14%下降到63%左右。米塔尔家族将持股比例保持在27%左右。
此外,发起人可以买不了任何股份的权利提供自己或通过他人,符合现行法律,该公司说。
Bharti Airtel董事会上周清理计划通过Rs25,000筹集32000卢比每股Rs220卢比的权利问题,和7000卢比债券销售最大的一家印度公司筹款运动。Airtel说,任命过程中银行债券发行前进。
“我们的合作伙伴在这个权利提供与我们的合作伙伴(阅读:Airtel)和新加坡政府投资公司等主要投资者反映了我们长期致力于Airtel和信心在印度市场的未来,”阿瑟·朗新加坡电信国际集团首席执行官,在一份声明中说。
Airtel的股票,这是打一场激烈的战斗来保护其市场份额的价格冲击依赖Jio Infocomm,周四收低0.2%,报308.75 Rs疯牛病。Airtel需要资金迅速扩大其4 g网络Jio和匹配。
塔·VittalAirtel首席执行官、印度和南亚,表示,配股将“进一步加强与期望的金融公司的资产负债表上的灵活性,以满足未来的机会,特别是在迅速改变印度移动市场”。
标普全球评级最近警告说,Airtel即将到来的配股是不够的,以稳定其信用评级。穆迪投资者服务公司虽然说,这个问题,如果完成,将信贷积极将允许Airtel削减债务,提高流动性。
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