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德意志银行(Deutsche Bank)建议合并BSNL拯救沃达丰的想法
目前,六世欠电信部超过1.5 Rs lakh-crore AGR光谱和递延支付会费。
加尔各答:政府必须控制状态沃达丰的想法(Vi)通过快速合并Bharat Sanchar Nigam说(BSNL)和资本重组的电信从破产保存它,尤其是后最高法院排除任何缓解其巨大调整总收入(AGR)会费,经纪德意志银行(Deutsche Bank)说。
“…唯一可行的解决方案是政府注资Vi通过将债务转换为股权,最好同时合并BSNL,然后提供一个清晰的商业授权基于盈利目标和激励,”德意志银行(Deutsche Bank)在一份报告中称等。
它补充说,“应该这样,六世的股东将被严重稀释为政府债务大约是6倍(电信)目前的市值,这样的解决方案可能是一个可接受的结果给股东,以200亿美元的企业价值的可行性和non-dilutive”。
目前,六世欠电信部超过1.5 Rs lakh-crore AGR光谱和递延支付会费。co-promoters,英国Aditya Birla集团沃达丰空中通讯公司(Vodafone Group Plc)和印度的44.39%和27.66%,分别在Vi。它是背负着净债务Rs 1.8 lakh-crore和现金余额为350卢比在截至2021年3月的季度。
IIFL证券表示,“政府可以挽救这个机会渺茫,尤其是它将失去如果Vi在NCLT(破产法庭)”。
经纪科塔克表示,就目前的情况来看,Vi的现金流可能无法达到至少31亿美元(23500卢比)FY2023,鉴于9000卢比的AGR分期付款,支付15900卢比,2500卢比在民间借贷的利息成本和低增长率在6200卢比的资本支出。
分析师称Vi需要几件事情落在地方继续作为一个持续经营操作,包括光谱进一步从政府暂停支付,协调关税上调行业支持地板价格和减少材料许可证费用和频谱使用费用(往下)来改善操作电信业的经济。
沃达丰的想法可能文件审查请愿AGR费低
“Vi将SC再次审查请愿,“一个人意识到发展告诉ET。“如果上诉被驳回,那么电信仍有选择治疗请愿。”
印度的悠久历史中提取尽可能多的(电信)部门,它说,“留下的是重复的企业倒闭,包括印度公司历史上最大的破产,信实电信第六,这可能是战胜了”。
德意志银行(Deutsche Bank)表示,球是在政府的手中。
“它需要打电话,()国家控制Vi或垄断,替代似乎破产,私人投资者极为不可能拯救公司”。
上周五,一个由三名法官组成的最高法院工作台由大法官LN Rao抛弃六世的申诉,Bharti Airtel和塔塔电信业务寻求重新计算他们的AGR会费,称他们“误解”。
Vi是打击最严重的判决总AGR费现在确认在58254卢比,这只支付了7854卢比。
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<\/figure>Kolkata: The government must back state control of Vodafone Idea<\/a> (Vi) by quickly merging it with Bharat Sanchar Nigam (BSNL<\/a>) and recapitalise the ailing telco to save it from going bankrupt, especially after the Supreme Court<\/a> ruled out any relief on its huge adjusted gross revenue (AGR) dues, brokerage Deutsche Bank said.
\u201c\u2026the only viable solution is for the government to recapitalise Vi by converting its debt into equity, preferably while merging it with BSNL, and then providing it a clear commercial mandate based on profitability targets and incentives,\u201d Deutsche Bank said in a note seen by ET.
It added that \u201cshould this happen, Vi\u2019s shareholders would be heavily diluted as government debt is roughly six times the (telco\u2019s) current market-cap, and such a solution might be an acceptable outcome to shareholders, with a $20 billion enterprise value feasible and non-dilutive\u201d.
<\/div><\/div>Shares of India\u2019s only lossmaking private telco, which reported a negative net worth of Rs 38,228 crore at the end of March, closed 0.8% down at Rs 8.29 on Monday on the BSE, giving it a market cap of Rs 23,821.64 crore.
At present, Vi owes the Department of Telecommunications more than Rs 1.5 lakh-crore by way of AGR and deferred spectrum payment dues. And as co-promoters, UK\u2019s Vodafone Group Plc and the Aditya Birla Group of India own 44.39% and 27.66%, respectively in Vi. It is saddled with a net debt of Rs 1.8 lakh-crore and had a cash balance of Rs 350 crore in the quarter ended March 2021.
According to IIFL Securities, \u201cthere is a slim chance that the government could salvage this, especially as it stands to lose if Vi were to end up in NCLT (the bankruptcy court)\u201d.
Brokerage Kotak said as things stand, Vi\u2019s cash flows are likely to fall short by at least $3.1 billion (Rs 23,500 crore) in FY2023, given an AGR instalment of Rs 9,000 crore, spectrum payments of Rs 15,900 crore, interest cost of Rs 2,500 crore on the non-government borrowings and low run-rate of capital expenditure at Rs 6,200 crore.
Analysts said Vi would require several things to fall in place to continue operating as a going concern, including a further moratorium from the government on spectrum payments, a coordinated tariff hike in the industry<\/a> supported by floor pricing and a material reduction in licence fees and spectrum usage charges (SUC) to improve operating economics of the telecom sector.
At present, Vi owes the Department of Telecommunications more than Rs 1.5 lakh-crore by way of AGR and deferred spectrum payment dues. And as co-promoters, UK\u2019s Vodafone Group Plc and the Aditya Birla Group of India own 44.39% and 27.66%, respectively in Vi. It is saddled with a net debt of Rs 1.8 lakh-crore and had a cash balance of Rs 350 crore in the quarter ended March 2021.
According to IIFL Securities, \u201cthere is a slim chance that the government could salvage this, especially as it stands to lose if Vi were to end up in NCLT (the bankruptcy court)\u201d.
Brokerage Kotak said as things stand, Vi\u2019s cash flows are likely to fall short by at least $3.1 billion (Rs 23,500 crore) in FY2023, given an AGR instalment of Rs 9,000 crore, spectrum payments of Rs 15,900 crore, interest cost of Rs 2,500 crore on the non-government borrowings and low run-rate of capital expenditure at Rs 6,200 crore.
Analysts said Vi would require several things to fall in place to continue operating as a going concern, including a further moratorium from the government on spectrum payments, a coordinated tariff hike in the industry<\/a> supported by floor pricing and a material reduction in licence fees and spectrum usage charges (SUC) to improve operating economics of the telecom sector.
<\/div><\/div>Deutsche Bank added that despite all \u201ctalk\u201d of the Indian government wanting three private players, \u201cthere has been insufficient action to take that claim very seriously\u201d.