![\"\"](\"\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
Bharti Airtel<\/a> board had recently approved raising up to Rs 21,000 crore by way of rights issue, at a price of Rs 535 per share.
In a statement, Moody's Investors Service said that the proceeds from the transaction are expected to be used for debt repayment and capital spending, including network upgrades, 5G investments and growth initiatives such as more aggressive subscriber growth to wrest market share from India's struggling third-largest operator, Vodafone Idea<\/a>.
\"The transaction is credit positive for Bharti. Fresh capital will keep leverage relatively stable amid growing investments in 5G, ongoing cash payments for spectrum and a settlement payment related to the adjusted gross revenue (AGR) dispute with the government,\" it added.
The fund raising also provides Bharti with more financial capacity to leverage its network in the Indian mobile space, as competition eases and tail winds from higher data usage and increases in average revenue per user (ARPU) benefit EBITDA and margins, Moody's noted.
\"We view the transaction as credit neutral for Bharti's 31.7 per cent shareholder, Singapore Telecommunications Limited<\/a>,\" it said and while observing that Singtel<\/a> can subscribe to its portion of the rights without a significant increase in leverage.
Singtel's 31.7 per cent ownership includes a direct stake of 14 per cent and indirect ownership through Bharti Telecom Limited<\/a>.
Citing the terms of rights issuance, Moody's wrote that Singtel would need to pay only about USD 100 million as upfront payment for subscribing to rights from its direct stake in Bharti, and the remaining USD 300 million is callable over the next 36 months, which can be accommodated within the ratings for Singtel.
In case Singtel has to make further debt-funded payments for BTL's portion of the rights, \"its leverage will weaken\".
\"However, in our view, the likelihood of that is low,\" it said.
Bharti Airtel<\/a>'s rights issue is a move that is expected to strengthen its competitive positioning in the market, and provide the telco with the necessary ammunition for aggressive 5G rollout.
The promoter and promoter group of the company would collectively subscribe to the full extent of their aggregate rights entitlement. The company has informed that they will also subscribe to any unsubscribed shares in the issue.
Promoter holding in the company stands at about 55.8 per cent, while public shareholding is about 44.09 per cent.<\/body>","next_sibling":[{"msid":85892508,"title":"Apple's AR\/VR headset may require a connection with an iPhone to work","entity_type":"ARTICLE","link":"\/news\/apples-ar\/vr-headset-may-require-a-connection-with-an-iphone-to-work\/85892508","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":85893150,"entity_type":"ARTICLE","title":"Bharti's rights issue credit positive for itself, credit neutral for Singtel: Moody's","synopsis":"Bharti Airtel board had recently approved raising up to Rs 21,000 crore by way of rights issue, at a price of Rs 535 per share.","titleseo":"telecomnews\/bhartis-rights-issue-credit-positive-for-itself-credit-neutral-for-singtel-moodys","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":456,"shares":0,"engagementtimems":2132000},"Alttitle":{"minfo":""},"artag":"PTI","artdate":"2021-09-03 13:59:45","lastupd":"2021-09-03 14:03:40","breadcrumbTags":["bharti airtel","singapore telecommunications limited","vodafone idea","bharti telecom limited","bharti airtel agr","singtel","Singapore Telecommunications","industry"],"secinfo":{"seolocation":"telecomnews\/bhartis-rights-issue-credit-positive-for-itself-credit-neutral-for-singtel-moodys"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2021-09-03" data-index="article_1">
读到
Bharti Airtel董事会最近通过提高到21000卢比配股,每股535卢比的价格。
穆迪投资者服务公司在一份声明中表示,预计交易将所得用于偿还债务和资本支出,包括网络升级,5 g投资和增长的计划更激进的用户增长等从印度苦苦挣扎的第三大运营商手中夺取市场份额,沃达丰的想法。
“交易信用Bharti阳性。新资本将继续利用相对稳定在5克投资增长,频谱进行现金支付和结算支付相关调整总收入(AGR)与政府发生争执,”它补充道。
融资也为Bharti提供更多的金融能力,利用其网络在印度的移动空间,随着竞争缓解、尾风从更高的数据使用和增加每用户平均收入(ARPU)息税前利润和利润率,穆迪表示。
“我们认为交易信用中性Bharti的31.7%股东,新加坡电信有限公司它说:“虽然观察新加坡电信可以订阅的部分权利没有显著增加杠杆。
新加坡电信31.7%的所有权包括直接和间接通过所有权股份14%巴帝电信有限公司。
引用的条款权利发行,穆迪写道,新加坡电信只需要支付大约1亿美元的前期支付订阅Bharti权利从其直接的股份,剩下的3亿美元是可调用的未来36个月,可以适应在新加坡电信的评级。
在新加坡电信进一步举债支付了线下的部分权利,“其杠杆将削弱”。
“然而,在我们看来,低的可能性,”它说。
Bharti Airtel的权利问题是此举将加强其竞争力在市场上的定位,并为电信提供必要的弹药积极5 g推出。
启动子和启动子群公司会集体订阅总权利的全部权利。该公司已经通知,他们也将订阅任何unsubscribed股份的问题。
发起人持有的公司站在55.8%左右,而公共持股比例约为44.09%。
