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<\/span><\/figcaption><\/figure> NEW DELHI: The board of Bharti Infratel<\/a> on Monday extended by another two months the deadline for the closure of its merger with Indus Towers to April 24 and said the implementation of the deal will depend on the impact of the current adjusted gross revenue (AGR<\/a>) crisis on the industry<\/a> and the company’s customers.

The long stop date has been extended for the third time “subject to agreement on closing adjustments and other conditions precedent for closing, with each party retaining the right to terminate and withdraw the scheme,” Bharti Infratel<\/a> said in a statement to the exchanges Monday.

ET had reported on February 21 that the long stop date for the deal will be extended to April 24.

“The final decision to implement the scheme will be taken by the board keeping in mind the best interests of the company and its stakeholders, including the assessment of the current crisis facing the telecom industry<\/a> and the extent of its impact on the company's major customers,” Bharti Infratel added.

Shares of Infratel, India’s only listed tower company, closed <\/span>4.6<\/span>% at Rs215<\/span>.80<\/span> on the BSE Monday, amid investor fears of the impact AGR crisis on Vodafone<\/a> Idea, a key tenant of Infratel. Vodafone<\/a> Idea plunged 11.8% to Rs3.88 on the BSE.

The deal, which received foreign direct investment (FDI) clearance on Friday, now needs be cleared next by the National Company Law Tribunal, Chandigarh, and then taken on record by the Registrar of Companies, a process which will take at least two to three months.

But Vodafone Idea, which was hoping to net some Rs4,500 crore by selling its 7% stake in the merged entity, needs cash urgently <\/span>to pay off even a part of its thousands of crores of adjusted gross revenue (AGR) duesby its March 17 deadline. The company has said it will be forced to close unless it gets some relief on the AGR dues from either the government or judiciary, neither of which has come so far.

Rajiv Sharma, research head at SBICap Securities, said the viability of the Bharti Infratel-Indus merger depends a lot on Vodafone Idea’s survival.

\"Any final decision on going ahead with the proposed towers merger will hinge on whether Vodafone Idea survives the AGR shock... since a large chunk of the merged tower company’s future tenancy revenues will come from Vodafone Idea, which will go away if it shuts down,” said Sharma.

He added that \"a mere survival of Vodafone Idea will be a key downside support or Bharti Infratel share price; however any major relief (on AGR) could boost growth for Bharti Infratel.\"

Department of Telecommunications<\/a> (DoT) estimates show VIL needs to shell out nearly Rs 57,000 crore towards AGR dues, of which it has paid only Rs 3,500 crore. The telco, though, estimates its dues to be much lower at about Rs 23,000 crore, of which Rs 7,000 crore is the principal. Experts said VIL would find it difficult to pay even the lower amount by the due date.

Under the Bharti Infratel-Indus merger terms, cash-strapped VIL has the option to sell its entire 7% stake it will get in the merged entity to shareholders for cash, based on an agreed formula. VIL is expected to generate about Rs 4,500 crore via this route.

Indus Towers is co-owned by Bharti Infratel, UK’s Vodafone Group Plc and VIL, with the first two holding 42% each. VIL owns 11.15% while the remaining 4.85% is with the private equity firm Providence. Bharti Airtel<\/a> has a majority stake in Bharti Infratel.

Alternatively, VIL can sell the stake to a third party. But under current circumstances, when the telco is in need for urgent cash, selling to existing shareholders under a pre-agreed formula may be the best and quickest option, according to industry executives.

The Bharti Infratel and Indus Towers merger deal was signed on April 2018, and the deal was to have been concluded by October 2019. Subsequently, the companies extended the deal initially by two months to December 24, 2019, and another two months to February 24, in absence of DoT approval.


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鼓吹延伸印度河合并最后期限4月24日表示,交易取决于AGR危机的影响

董事会周一鼓吹延长两个月的期限关闭合并印度河塔4月24日和表示的实现交易的影响将取决于当前调整总收入(AGR)危机对行业和公司的客户。

  • 更新于2020年2月25日上午09:07坚持
新德里:董事会鼓吹周一延长两个月的期限关闭合并印度河塔4月24日和表示的实现交易的影响将取决于当前调整后的总收益(AGR)危机行业和公司的客户。

漫长的截止日期已经延长第三次“接受协议关闭调整和关闭其他先决条件,每一方保留权利随时终止和撤销方案,“鼓吹周一在一份声明中说到交流。

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等了2月21日报道,长时间停止交易的日期将会扩展到4月24日。

“最终决定实施计划由董事会将记住最好的公司及其利益相关者的利益,包括电信面临的当前危机的评估行业和程度的影响公司的主要客户,”鼓吹他补充道。

鼓吹,印度塔唯一一家上市公司关闭 4.6%在Rs215。80年周一,由于投资者担心AGR危机的影响沃达丰(Vodafone)主意,鼓吹他的关键租户。沃达丰(Vodafone)想法在疯牛病Rs3.88暴跌了11.8%。

收到的协议,外国直接投资(FDI)周五间隙,现在需要下由国家公司法法庭被清除,昌迪加尔,然后被公司的注册记录,这一过程将需要至少两到三个月。

但沃达丰的想法,这是希望净一些Rs4,500卢比的通过出售其7%的股份合并后的实体,需要现金迫切偿还甚至数千卢比的调整后的总收益的一部分(AGR) duesby 3月17日的最后期限。该公司已表示,它将被迫关闭,除非它得到了一些缓解政府或司法的AGR会费,也来了到目前为止。

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拉吉夫•沙玛SBICap证券研究主管表示,Bharti Infratel-Indus合并的可行性在很大程度上取决于沃达丰的生存理念。

“任何最终决定将推进提出塔合并将取决于是否沃达丰幸存的AGR冲击……因为大量合并塔公司的未来租赁收入将来自沃达丰的想法,就会消失如果它关闭,“Sharma说。

他补充说,”仅仅是沃达丰的生存理念将成为一个重要缺点支持或鼓吹股价;然而任何重大救援为例(AGR)可以促进经济增长。”

电信部(点)估计显示维尔需要向AGR会费支付近57000卢比,这只支付了3500卢比。电信,估计其费更低大约23000卢比,7000卢比的本金。专家说,维尔将很难支付甚至低数量的到期日期。

Bharti Infratel-Indus合并条件下,现金拮据的维尔有权出售其全部7%的股份将会得到现金向股东在合并后的实体,根据商定的公式。维尔预计将产生约4500卢比通过这条路线。

印度塔被鼓吹共有,英国沃达丰集团(Vodafone Group Plc)和维尔,与前两个控股42%。维尔拥有11.15%,剩下的4.85%是私人股本公司天意。Bharti Airtel在鼓吹他的多数股权。

另外,垂直注入逻辑可以把股份卖给第三方。但在当前形势下,在电信,迫切需要现金,卖给现有股东在抢占公式可能是最好的和最快的选择,据行业高管。

鼓吹和印度河塔签署了合并协议在2018年4月和2019年10月是已签订的协议。随后,公司扩展协议最初两个月至12月24日,2019年,2月24日,另一个两个月,没有点同意。


  • 发布于2020年2月24日01:13点坚持

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  • 鼓吹延伸印度河合并最后期限4月24日表示,交易取决于AGR危机的影响
\"\"
<\/span><\/figcaption><\/figure> NEW DELHI: The board of Bharti Infratel<\/a> on Monday extended by another two months the deadline for the closure of its merger with Indus Towers to April 24 and said the implementation of the deal will depend on the impact of the current adjusted gross revenue (AGR<\/a>) crisis on the industry<\/a> and the company’s customers.

The long stop date has been extended for the third time “subject to agreement on closing adjustments and other conditions precedent for closing, with each party retaining the right to terminate and withdraw the scheme,” Bharti Infratel<\/a> said in a statement to the exchanges Monday.

ET had reported on February 21 that the long stop date for the deal will be extended to April 24.

“The final decision to implement the scheme will be taken by the board keeping in mind the best interests of the company and its stakeholders, including the assessment of the current crisis facing the telecom industry<\/a> and the extent of its impact on the company's major customers,” Bharti Infratel added.

Shares of Infratel, India’s only listed tower company, closed <\/span>4.6<\/span>% at Rs215<\/span>.80<\/span> on the BSE Monday, amid investor fears of the impact AGR crisis on Vodafone<\/a> Idea, a key tenant of Infratel. Vodafone<\/a> Idea plunged 11.8% to Rs3.88 on the BSE.

The deal, which received foreign direct investment (FDI) clearance on Friday, now needs be cleared next by the National Company Law Tribunal, Chandigarh, and then taken on record by the Registrar of Companies, a process which will take at least two to three months.

But Vodafone Idea, which was hoping to net some Rs4,500 crore by selling its 7% stake in the merged entity, needs cash urgently <\/span>to pay off even a part of its thousands of crores of adjusted gross revenue (AGR) duesby its March 17 deadline. The company has said it will be forced to close unless it gets some relief on the AGR dues from either the government or judiciary, neither of which has come so far.

Rajiv Sharma, research head at SBICap Securities, said the viability of the Bharti Infratel-Indus merger depends a lot on Vodafone Idea’s survival.

\"Any final decision on going ahead with the proposed towers merger will hinge on whether Vodafone Idea survives the AGR shock... since a large chunk of the merged tower company’s future tenancy revenues will come from Vodafone Idea, which will go away if it shuts down,” said Sharma.

He added that \"a mere survival of Vodafone Idea will be a key downside support or Bharti Infratel share price; however any major relief (on AGR) could boost growth for Bharti Infratel.\"

Department of Telecommunications<\/a> (DoT) estimates show VIL needs to shell out nearly Rs 57,000 crore towards AGR dues, of which it has paid only Rs 3,500 crore. The telco, though, estimates its dues to be much lower at about Rs 23,000 crore, of which Rs 7,000 crore is the principal. Experts said VIL would find it difficult to pay even the lower amount by the due date.

Under the Bharti Infratel-Indus merger terms, cash-strapped VIL has the option to sell its entire 7% stake it will get in the merged entity to shareholders for cash, based on an agreed formula. VIL is expected to generate about Rs 4,500 crore via this route.

Indus Towers is co-owned by Bharti Infratel, UK’s Vodafone Group Plc and VIL, with the first two holding 42% each. VIL owns 11.15% while the remaining 4.85% is with the private equity firm Providence. Bharti Airtel<\/a> has a majority stake in Bharti Infratel.

Alternatively, VIL can sell the stake to a third party. But under current circumstances, when the telco is in need for urgent cash, selling to existing shareholders under a pre-agreed formula may be the best and quickest option, according to industry executives.

The Bharti Infratel and Indus Towers merger deal was signed on April 2018, and the deal was to have been concluded by October 2019. Subsequently, the companies extended the deal initially by two months to December 24, 2019, and another two months to February 24, in absence of DoT approval.


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