Kolkata: Bharti Airtel<\/a> has constituted a special panel to outline options for a re-organisation of its businesses, setting in motion plans to sharpen focus on its consumer-facing digital and non-telecom businesses and open up avenues for unlocking value. “董事会周三举行的会议上,2月17日,2021年,已经构成了一个特别委员会的董事详细考虑和评估,各种选项(或组合)重组计划的企业和公司的股权结构及其各种子公司,“Bharti Airtel在证券交易所备案。 加尔各答:Bharti Airtel已经构成了一个特别小组,概述企业的重组计划的选择,制定运动计划加强关注其面向消费者的数字和non-telecom业务和开放的途径释放价值。 Kolkata: Bharti Airtel<\/a> has constituted a special panel to outline options for a re-organisation of its businesses, setting in motion plans to sharpen focus on its consumer-facing digital and non-telecom businesses and open up avenues for unlocking value.
Separately, Airtel<\/a> said it will acquire a Warburg Pincus affiliate’s 20% stake in its DTH arm, Bharti Telemedia, for around Rs3,126 crore, which will be paid primarily by issuing around 36.47 million shares of the telco at Rs600 per share, and up to Rs1,037.8 crore in cash. The proposed preferential share issue is subject to shareholders’ approval, the company said in a statement Wednesday.
In a statement issued Wednesday evening, Bharti Airtel<\/a> said it has set up a special panel of directors, to \"consider options for re-organisation of businesses and shareholding structure of the company and its units to achieve required flexibility and sharper focus on digital and non-telecom businesses to enable any unlocking of enhanced value for its stakeholders\".
The special panel, it said, “would place suitable recommendations to the Airtel<\/a> board for consideration and\/ or approval”.
![\"\"](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
Read also<\/h4>
<\/a><\/figure>Virtuous cycle has started for Bharti Airtel, stock likely to outperform: Sandip Sabharwal<\/a><\/h5><\/div>
<\/a><\/figure>Airtel to rejig business for sharper focus on digital; buys Warburg's 20% stake in DTH arm<\/a><\/h5><\/div><\/div><\/div>
Attracting Big-Ticket Infusions
<\/strong>Airtel shares ended flat at Rs 594.05 on the BSE. The announcements were made after market hours. Last week, Bharti Airtel chairman Sunil Mittal<\/a> had told ET that the telco, which has housed all its digital assets under the Airtel Digital unit<\/a>, is discussing making it a parallel entity to the telco, opening up the option of monetising a separate asset in the future. He had added that the new structure could remove telecom regulatory overhang over Airtel Digital, which could even be listed in two-three years.
“There is something called Airtel Digital now, under which all the digital entities are being housed. Around 190 million active monthly users are sitting here…a lot of advertising revenue is going up,” Mittal had told ET. \"What we are thinking about is a step-up company, which will then be the holding company of Airtel and Digital…Digital could become parallel (to Airtel)…the thinking is to restructure it so that we have similar outcomes (like investments in Jio Platforms<\/a>).\"
Airtel Digital houses the telco’s digital properties including Wynk Music<\/a>, Thanks, Xstream<\/a>, payments, and products such as Airtel IQ and Safe Pay, and employs more than 1,500 people, which is being scaled up rapidly. The combined digital service revenues of Airtel, which is currently at Rs 100 crore, is proposed to be scaled up to Rs 1,000 crore in a few years.
“The planned organisational rejig could potentially enable Airtel to attract bigticket equity infusions from global tech players and private equity firms, who may be more interested to buy into a stabler, pure digital services business as the revenues would be ring-fenced from statutory pay-outs linked to adjusted gross revenue (AGR), such as licence fees and spectrum usage charge,” said a senior analyst at a leading global brokerage.
Another analyst at a leading brokerage said, \"this is similar to what Jio<\/a> has done\", adding that \"a separate digital business would bring in valuations, improve efficiency, add revenue streams and reduce costs\".
Last year, Jio<\/a> Platforms — the parent company of Airtel’s biggest rival, Reliance Jio, and which houses the digital and telecom assets of Mukesh Ambaniled Reliance Industries<\/a> — had raised more than Rs 1.52 lakh-crore by selling stakes of nearly 33% to 13 investors, including Facebook, Google, Qualcomm and Intel Corp.
But Mittal had said that Airtel was planning a slightly different structure, but with the aim of similar monetising outcomes.
The Mukesh Ambani-owned company had established Jio Platforms<\/a> as its direct unit which, in turn, became the parent of Reliance Jio, India’s telecom market leader.
“…you get a piece of what is on top (Jio Platforms) and thus, also a piece of Jio. But here, it (Airtel Digital) could be sitting alongside (Airtel),\" which would mean potentially two monetisable assets, said Mittal. \"You have a listed company and you can bring a listing here too after two-three years.”
On Airtel’s move on Bharti Telemedia, the first analyst said that it was mainly aimed at giving Warburg Pincus an exit route since the DTH arm remained unlisted more than three years after the private equity firm had bought a stake.
Back in December 2017, Lion Meadow Investment, a Warburg Pincus affiliate, had bought 20% equity stake in Bharti Telemedia for $350 million, or over Rs 2,250 crore.
Airtel said the proposed transaction with Warburg is part of the telco’s strategy to align the shareholding of its customer facing products, services and businesses under the same holding group. Full control and ownership over Bharti Telemedia would allow Airtel to offer differentiated and converged solutions to customers so as to promote \"One Home\" strategy.
“DTH is an integral part of our Homes strategy and this transaction is another step towards simplifying the shareholding of our customer facing businesses providing structural flexibility and ease of implementation,” said Harjeet Kohli, group director, Bharti Enterprises. He added that Airtel has “enjoyed a close and strategic partnership with Warburg Pincus, across its business verticals and geographies” and is delighted to have it as part of Airtel’s exciting journey ahead, including in digital businesses.
Under the deal terms, Airtel will issue shares to the Warburg Pincus affiliate at a premium of around 0.50% to the floor price determined as per regulations. Accordingly, the Warburg Pincus affiliate will now effectively own 0.66% in Airtel.
The remaining consideration of around Rs 937.8 crore will be paid in cash on the closing date of the proposed transaction. There may also be minor customary closing adjustments not exceeding Rs 100 crore.
Vishal Mahadevia, managing director and head of Warburg Pincus India, said, “We look forward to capitalising on the broad-based growth that the company is witnessing across its entire portfolio of businesses, including the digital buildouts.” Citigroup Global Markets India acted as the financial advisor to Airtel and Credit Suisse Securities (India) acted as advisors to Warburg Pincus in the transaction.
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Airtel设立特别小组重新调整公司的结构
另外,附近的旅馆表示,将收购华平子公司20%的股份DTH的手臂,Bharti电讯传媒左右Rs3,126卢比,这将主要通过发行约3647万股每股Rs600电信的,和Rs1,037.8卢比的现金。提出的优先股票发行受到股东的批准,该公司周三在一份声明中说。
特别小组,它说,“将合适的建议附近的旅馆董事会审议和/或批准”。
吸引大额注资
Airtel股收盘持平于594.05 Rs疯牛病。市场小时后进行了公告。上周,Bharti Airtel主席苏尼尔•米塔尔告诉ET,电信,安置所有的数字资产Airtel数字单位,正在讨论一个平行的实体电信,开放货币化的选择一个单独的资产在未来。他补充说,新结构可以删除电信监管过剩Airtel数字,它甚至可以在2 - 3年内上市。
“现在叫做Airtel数字,所有数字实体被安置。每月约1.9亿活跃用户坐在这里…很多广告收入上升,”米塔尔告诉等。“我们正在考虑的是跟公司的控股公司将Airtel和数字…数字可能成为并行(旅馆)…的思考是重组,这样我们也有类似的结果(如投资Jio平台)。”
Airtel数字房屋包括电信的数字属性Wynk音乐,谢谢,Xstream、支付和产品,如Airtel智商和安全的支付,并雇佣了超过1500人,目前正在迅速扩大。Airtel的综合数字服务收入,目前在100卢比,提出扩大到1000卢比在几年。
”计划的组织调整可能会使附近的旅馆吸引全球科技的注入bigticket股本球员和私人股本公司,可能更有兴趣购买一个稳定,纯数字服务业务收入将从法定限定奖金与调整后总收入(AGR),如许可证费用和频谱的使用费用,”一个领先的全球经纪公司高级分析师说。
另一个主要券商的分析师说:“这是类似Jio了”,并补充称,“一个单独的数字业务将带来估值,提高效率,增加收入和降低成本”。
去年,Jio平台——Airtel的母公司的最大竞争对手,信实Jio,房屋穆克什Ambaniled的数字和电信资产信实工业公司- 1.52提高超过Rs lakh-crore 13投资者出售股份的近33%,其中包括Facebook、谷歌、高通和英特尔(intc . o:行情)。
但米塔尔说,旅馆是规划结构略有不同,但目的是类似的货币化的结果。
穆克什Ambani-owned公司建立了Jio平台反过来,作为其直接单位成为依赖的父母Jio,印度电信市场的领导者。
“你…把一块上面是什么(Jio平台),因此,也一块Jio。但在这里,它(Airtel数字)可以坐在一起(旅馆),“这意味着潜在的两个monetisable资产,米塔尔说。“你有一个上市公司,你也可以带一个清单后2 - 3年。”
电讯传媒在Bharti Airtel的举动,第一个分析师表示,它主要是针对给华平退出路线自潜手臂仍未上市三年多后,私人股本公司购买了股份。
早在2017年12月,狮子草甸投资,华平投资集团旗下在Bharti电讯传媒收购了20%的股权以3.5亿美元,或超过2250卢比。
与华宝Airtel说,拟议的交易是电信的战略调整的一部分股权的面向客户的产品,服务和企业在同一控股集团。完全控制和所有权在Bharti电讯传媒将允许Airtel向客户提供差异化和聚合的解决方案,推动“一个家”的策略。
“潜孔是我们家庭战略的一个组成部分,该事务是另一个一步简化客户面临企业的股权提供结构的灵活性和易于实现,”克里Harjeet说,集团董事,Bharti企业。他补充说,Airtel“喜欢与华平和战略伙伴关系密切,在其业务垂直和地域”并且高兴地把它作为Airtel的激动人心的旅程之前,包括在数字业务。
根据交易条款,Airtel将发行股票华平附属溢价0.50%左右的地板价格按规定确定。因此,华平联盟将在旅馆现在有效的0.66%。
剩下的大约937.8卢比的考虑将以现金支付拟议的交易的截止日期。可能还有小惯例成交调整不超过100卢比。
Vishal Mahadevia董事总经理兼主管华平印度,说,“我们期待着利用广泛的增长,公司见证其整个投资组合的企业,包括数字网络建设。"花旗集团全球市场印度充当财务顾问Airtel和瑞士信贷证券(印度)担任顾问华平的事务。
Separately, Airtel<\/a> said it will acquire a Warburg Pincus affiliate’s 20% stake in its DTH arm, Bharti Telemedia, for around Rs3,126 crore, which will be paid primarily by issuing around 36.47 million shares of the telco at Rs600 per share, and up to Rs1,037.8 crore in cash. The proposed preferential share issue is subject to shareholders’ approval, the company said in a statement Wednesday.
In a statement issued Wednesday evening, Bharti Airtel<\/a> said it has set up a special panel of directors, to \"consider options for re-organisation of businesses and shareholding structure of the company and its units to achieve required flexibility and sharper focus on digital and non-telecom businesses to enable any unlocking of enhanced value for its stakeholders\".
The special panel, it said, “would place suitable recommendations to the Airtel<\/a> board for consideration and\/ or approval”.
Read also<\/h4>
<\/a><\/figure>Virtuous cycle has started for Bharti Airtel, stock likely to outperform: Sandip Sabharwal<\/a><\/h5><\/div>
<\/a><\/figure>Airtel to rejig business for sharper focus on digital; buys Warburg's 20% stake in DTH arm<\/a><\/h5><\/div><\/div><\/div>
Attracting Big-Ticket Infusions
<\/strong>Airtel shares ended flat at Rs 594.05 on the BSE. The announcements were made after market hours. Last week, Bharti Airtel chairman Sunil Mittal<\/a> had told ET that the telco, which has housed all its digital assets under the Airtel Digital unit<\/a>, is discussing making it a parallel entity to the telco, opening up the option of monetising a separate asset in the future. He had added that the new structure could remove telecom regulatory overhang over Airtel Digital, which could even be listed in two-three years.
“There is something called Airtel Digital now, under which all the digital entities are being housed. Around 190 million active monthly users are sitting here…a lot of advertising revenue is going up,” Mittal had told ET. \"What we are thinking about is a step-up company, which will then be the holding company of Airtel and Digital…Digital could become parallel (to Airtel)…the thinking is to restructure it so that we have similar outcomes (like investments in Jio Platforms<\/a>).\"
Airtel Digital houses the telco’s digital properties including Wynk Music<\/a>, Thanks, Xstream<\/a>, payments, and products such as Airtel IQ and Safe Pay, and employs more than 1,500 people, which is being scaled up rapidly. The combined digital service revenues of Airtel, which is currently at Rs 100 crore, is proposed to be scaled up to Rs 1,000 crore in a few years.
“The planned organisational rejig could potentially enable Airtel to attract bigticket equity infusions from global tech players and private equity firms, who may be more interested to buy into a stabler, pure digital services business as the revenues would be ring-fenced from statutory pay-outs linked to adjusted gross revenue (AGR), such as licence fees and spectrum usage charge,” said a senior analyst at a leading global brokerage.
Another analyst at a leading brokerage said, \"this is similar to what Jio<\/a> has done\", adding that \"a separate digital business would bring in valuations, improve efficiency, add revenue streams and reduce costs\".
Last year, Jio<\/a> Platforms — the parent company of Airtel’s biggest rival, Reliance Jio, and which houses the digital and telecom assets of Mukesh Ambaniled Reliance Industries<\/a> — had raised more than Rs 1.52 lakh-crore by selling stakes of nearly 33% to 13 investors, including Facebook, Google, Qualcomm and Intel Corp.
But Mittal had said that Airtel was planning a slightly different structure, but with the aim of similar monetising outcomes.
The Mukesh Ambani-owned company had established Jio Platforms<\/a> as its direct unit which, in turn, became the parent of Reliance Jio, India’s telecom market leader.
“…you get a piece of what is on top (Jio Platforms) and thus, also a piece of Jio. But here, it (Airtel Digital) could be sitting alongside (Airtel),\" which would mean potentially two monetisable assets, said Mittal. \"You have a listed company and you can bring a listing here too after two-three years.”
On Airtel’s move on Bharti Telemedia, the first analyst said that it was mainly aimed at giving Warburg Pincus an exit route since the DTH arm remained unlisted more than three years after the private equity firm had bought a stake.
Back in December 2017, Lion Meadow Investment, a Warburg Pincus affiliate, had bought 20% equity stake in Bharti Telemedia for $350 million, or over Rs 2,250 crore.
Airtel said the proposed transaction with Warburg is part of the telco’s strategy to align the shareholding of its customer facing products, services and businesses under the same holding group. Full control and ownership over Bharti Telemedia would allow Airtel to offer differentiated and converged solutions to customers so as to promote \"One Home\" strategy.
“DTH is an integral part of our Homes strategy and this transaction is another step towards simplifying the shareholding of our customer facing businesses providing structural flexibility and ease of implementation,” said Harjeet Kohli, group director, Bharti Enterprises. He added that Airtel has “enjoyed a close and strategic partnership with Warburg Pincus, across its business verticals and geographies” and is delighted to have it as part of Airtel’s exciting journey ahead, including in digital businesses.
Under the deal terms, Airtel will issue shares to the Warburg Pincus affiliate at a premium of around 0.50% to the floor price determined as per regulations. Accordingly, the Warburg Pincus affiliate will now effectively own 0.66% in Airtel.
The remaining consideration of around Rs 937.8 crore will be paid in cash on the closing date of the proposed transaction. There may also be minor customary closing adjustments not exceeding Rs 100 crore.
Vishal Mahadevia, managing director and head of Warburg Pincus India, said, “We look forward to capitalising on the broad-based growth that the company is witnessing across its entire portfolio of businesses, including the digital buildouts.” Citigroup Global Markets India acted as the financial advisor to Airtel and Credit Suisse Securities (India) acted as advisors to Warburg Pincus in the transaction.
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