KOLKATA: A plan by Bharti Airtel<\/a>, Warburg Pincus and Singapore Telecommunications to collectively buy the promoter stake of Zee<\/a> founder Subhash Chandra<\/a>’s family in Dish TV<\/a> India has hit an air pocket following a sharp fall in the DTH operator’s stock price since April, people familiar with the matter said. 加尔各答:计划Bharti Airtel、华平和新加坡电信集体购买发起人的股份Zee创始人Subhash钱德拉的家庭菜的电视印度已经达到空气口袋大幅下跌后的对数运营商的股价自4月份以来,知情人士说。
Dish TV’s owners are said to be unwilling to sell the 57.52% promoter stake below Rs 45 a share against Rs 30-35 offered by the Airtel-Warburg-Singtel combine.
At Rs 35 a share, Dish TV India’s promoters would receive roughly Rs 3,707 crore from the consortium, well below the Rs 4,766 crore they stand to pocket if the deal is struck at Rs 45 a share.
“The buyout talks have got stalled over valuations with the sharp fall in the company’s stock price and both sides refusing to budge from their bargaining positions,” a top executive privy to the talks told ET.
“Disagreement over valuations could delay a potential Dish-Airtel transaction, amid the sharp correction in Dish TV India’s stock price,” said Rajiv Sharma, co-head of research at SBICap Securities.
Dish TV India shares closed at Rs 32.20 on the BSE on Thursday, giving it a market capitalisation of Rs 5,928.84 crore. The stock has lost 20% from Rs 40.2 on April 16. Bharti Airtel shares ended 0.27% lower at Rs 337.85.
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Talks, which started in March-April, may have stalled also because Zee supremo and Essel Group<\/a> chairman Subhash Chandra hopes to close the sale of its substantial stake in Zee Entertainment before the Dish TV deal, the people said. A group of mutual funds holding Zee\/Essel Group debt that faced redemption has reportedly set a July 31 deadline for the promoters to conclude a stake sale, failing which they would sell Zee Entertainment shares that they have as collateral.
Zee has said it is close to finalising a deal within the deadline. Zee Group<\/a> promoters have pledged about 64% of their 35.79% stake in Zee Entertainment and almost 95% of their holding in Dish TV India to lenders.
The Essel Group’s total debt stands at Rs 17,174 crore, which includes the debt of private unlisted companies and listed ones.
However, another person said a delay in the deal could adversely impact Dish TV’s promoters as they run the risk of their stake getting diluted if lenders start selling the pledged shares owing to their inability to clear dues.
A potential Airtel-Dish TV deal would create the world’s largest TV distribution company with about 40 million subscribers and over 60% share of India’s DTH turf. Analysts said it would be a robust response from Airtel to counter Reliance Jio Infocomm’s aggressive overtures in digital TV services and home broadband.
The Airtel-Dish TV talks came after Jio bought majority stakes in Hathway Cable & Datacom and DEN Networks, effectively gaining control over some 24 million cablelinked homes across about 750 cities.
Airtel and Jio are known to be targeting high-revenuegenerating customers with a triple play of mobile phones, TV distribution and fast home broadband.
In response to ET’s queries, Bharti Airtel and Dish TV said they don’t comment on market speculation. Singtel and Warburg Pincus had not replied as of press time.
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菜据说电视的所有者不愿出售57.52%的发起人股份低于每股45卢比对Rs - Airtel-Warburg-Singtel结合提供的。
每股35卢比,印度菜电视的推广者将获得大约3707卢比的财团,远低于他们站的4766卢比的口袋里,如果交易达成,每股45卢比。
“在估值上的分歧,可能会推迟潜在Dish-Airtel事务,在印度股票价格大幅调整盘电视“Rajiv Sharma说,研究部联席主管SBICap证券。
印度菜电视股价周四收于32.20卢比疯牛病,给它一个市值5928 .84卢比。股票从40.2 Rs 4月16日已经失去了20%。Bharti Airtel股收盘跌0.27%,至337.85卢比。
谈判开始,3月至4月可能也因为Zee最高领导人和停滞不前血管组织主席Subhash钱德拉希望关闭出售大量股份Zee娱乐电视盘前交易,。一群共同基金持有Zee /血管组债务面临赎回据说设定一个截止日期7月31日发起人订立股权出售,否则他们将出售Zee娱乐股份作为抵押。
Zee说它是接近最后期限内敲定一项协议。Zee集团发起人承诺64%的Zee娱乐和近95%的35.79%的股份持有的菜电视印度银行。
血管集团的债务总额高达17174卢比,包括民营非上市公司和上市企业的债务。
然而,另一个人说一个延迟交易可能会严重影响菜电视的推广者,因为他们自己的股份稀释的风险如果银行开始销售承诺的股价由于无法清晰的会费。
潜在Airtel-Dish电视交易将创建世界上最大的电视销售公司拥有大约4000万用户,印度60%的份额的潜孔的地盘。分析师表示,这将是一个强硬的回应Airtel对抗依赖Jio Infocomm咄咄逼人的姿态在数字电视服务和家庭宽带。
Airtel-Dish电视会谈之后Jio买的多数股权Hathway大东元器件和窝网络,有效地控制了一些2400万年cablelinked家庭约750个城市。
Airtel和Jio已知目标high-revenuegenerating客户的三网融合手机、电视家庭宽带分布和快。
回应等的查询,Bharti Airtel和菜电视说他们不就市场臆测置评。新加坡电信和华平没有回答新闻时间。
KOLKATA: A plan by Bharti Airtel<\/a>, Warburg Pincus and Singapore Telecommunications to collectively buy the promoter stake of Zee<\/a> founder Subhash Chandra<\/a>’s family in Dish TV<\/a> India has hit an air pocket following a sharp fall in the DTH operator’s stock price since April, people familiar with the matter said.
Dish TV’s owners are said to be unwilling to sell the 57.52% promoter stake below Rs 45 a share against Rs 30-35 offered by the Airtel-Warburg-Singtel combine.
At Rs 35 a share, Dish TV India’s promoters would receive roughly Rs 3,707 crore from the consortium, well below the Rs 4,766 crore they stand to pocket if the deal is struck at Rs 45 a share.
“The buyout talks have got stalled over valuations with the sharp fall in the company’s stock price and both sides refusing to budge from their bargaining positions,” a top executive privy to the talks told ET.
“Disagreement over valuations could delay a potential Dish-Airtel transaction, amid the sharp correction in Dish TV India’s stock price,” said Rajiv Sharma, co-head of research at SBICap Securities.
Dish TV India shares closed at Rs 32.20 on the BSE on Thursday, giving it a market capitalisation of Rs 5,928.84 crore. The stock has lost 20% from Rs 40.2 on April 16. Bharti Airtel shares ended 0.27% lower at Rs 337.85.
\n
Talks, which started in March-April, may have stalled also because Zee supremo and Essel Group<\/a> chairman Subhash Chandra hopes to close the sale of its substantial stake in Zee Entertainment before the Dish TV deal, the people said. A group of mutual funds holding Zee\/Essel Group debt that faced redemption has reportedly set a July 31 deadline for the promoters to conclude a stake sale, failing which they would sell Zee Entertainment shares that they have as collateral.
Zee has said it is close to finalising a deal within the deadline. Zee Group<\/a> promoters have pledged about 64% of their 35.79% stake in Zee Entertainment and almost 95% of their holding in Dish TV India to lenders.
The Essel Group’s total debt stands at Rs 17,174 crore, which includes the debt of private unlisted companies and listed ones.
However, another person said a delay in the deal could adversely impact Dish TV’s promoters as they run the risk of their stake getting diluted if lenders start selling the pledged shares owing to their inability to clear dues.
A potential Airtel-Dish TV deal would create the world’s largest TV distribution company with about 40 million subscribers and over 60% share of India’s DTH turf. Analysts said it would be a robust response from Airtel to counter Reliance Jio Infocomm’s aggressive overtures in digital TV services and home broadband.
The Airtel-Dish TV talks came after Jio bought majority stakes in Hathway Cable & Datacom and DEN Networks, effectively gaining control over some 24 million cablelinked homes across about 750 cities.
Airtel and Jio are known to be targeting high-revenuegenerating customers with a triple play of mobile phones, TV distribution and fast home broadband.
In response to ET’s queries, Bharti Airtel and Dish TV said they don’t comment on market speculation. Singtel and Warburg Pincus had not replied as of press time.
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