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股票期权:沃达丰主意可能成为政府实体后暂停期间,印度工业信贷投资银行证券说
政府正致力于一种机制,将Vi和其他电信公司选择将利息的税在四年的禁令为股权属于中心。这是除了政府拥有的选项将会费的一部分转化为股本。
政府正致力于一种机制,将Vi和其他电信公司选择将利息的税在四年的禁令为股权属于中心。这是除了政府拥有的选项将会费的一部分转化为股本。
“…与股票期权,在最坏的情况下,维尔可以成为政府实体。政府提供了选择延期付款利息转化为股本Rs94bn工作;最后的四年里,政府还可以选择延迟期转化为股权,作品Rs1,008bn维尔。总股本转换将在未来四年Rs1,102bn Rs260bn市值,”印度工业信贷投资银行证券在一份报告中称。
反过来,Jefferies说,四年的暂停将提供年度现金流的Rs 2500亿年到第六,这将改善其长久生存机会。
“每我们的计算,政府可以26%的维尔的四年期间,如果维尔选择支付累计利息Rs90bn在四年内通过股本,假设股票发行在CMP,”杰弗里斯说。
ICICI证券虽然警告说,上调关税是必要Vi为生存考虑负债的Rs 600亿非传染性疾病支付和它需要更新银行担保价值Rs 1200亿在未来12个月内。
政策支持,筹资可能会给沃达丰想法救援但可观的关税上调必须:雪绒花
暂停AGR和频谱支付,减少频谱使用电荷(往下),执照费(低频)据报道正在排队救济措施的关键。
“这需要资金加速资本支出的债券和股票投资和会议其他负债,没有关税提高,确保资金将是困难的。我们看到30 - 40%的关税上调的可能性在不久的将来在流行的4 g预付类别和邮资已付的,”印度工业信贷投资银行说。
瑞银估计Vi的年度责任范围和AGR会费Rs 1600亿和800亿卢比,分别四年暂停提供累计现金流的Rs 1万亿(140亿美元)。
“…虽然金额必须支付后在NPV中立的基础上(额外的利息组成部分rs40 - 500亿可转化为政府股本),”它说。
”,估计每年OpCF rs140 - 1700亿(EBITDA -租赁支付),该公司现在有能力增加资本支出从而- 1200亿,它阻止市场份额损失至关重要。这也提高了公司融资即将到来的偿还债务的能力,包括Rs60bn非传染性疾病将在12月和3月,”瑞银(UBS)补充道。
减免沃达丰的想法:内阁批准4暂停电信费;改变AGR定义
内阁周三宣布了一项电信救援方案包括有争议的定义的改变调整后总收入(AGR),暂停与利率四年。
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<\/figure>NEW DELHI: Vodafone Idea<\/a> (Vi) could become a government entity after the moratorium period of four years in case it opts to pay the interest accruing over deferred AGR and spectrum payments by way of equity, and the government could end up owning a 26% stake in the telecom company, brokerage firms said.The government is working on a mechanism that will give Vi and other telcos the option of converting interest accruing on their dues over the four-year moratorium into equity to be owned by the Centre. This is in addition to the government having the option of converting a part of their dues into equity.
\u201c... With equity option, in the worst case, VIL can become a government entity. The government has provided the option to convert interest on deferred payment into equity which works to Rs94bn; and at the end of four years, the government also has the option to convert the deferred installment into equity which works to Rs1,008bn for VIL. Total equity conversion will be Rs1,102bn in next four years on market cap of Rs260bn,\u201d ICICI Securities<\/a> said in a note.
<\/div><\/div>The equity conversion at the end of four years will lead to an elevated debt liability but also, in the case of a massive dilution, existing shareholders\u2019 stake will be significantly diluted, and the government may end up becoming the largest shareholder of the telco, it said.
In turn, Jefferies<\/a> said the four-year moratorium will offer an annual cash flow relief of Rs 250 billion to Vi, which will improve its chances for longer survival.
\u201cPer our calculations, the govt. could own 26% of VIL at the end of four-year period, if VIL chooses to pay the cumulative interest of Rs90bn over four years through equity, assuming shares are issued at CMP,\u201d Jefferies said.
ICICI Securities though cautioned that a tariff hike is necessary to Vi for survival considering it has liabilities of Rs 60 billion as NCD payments and it needs to renew bank guarantees worth Rs 120 billion in the next 12 months.
In turn, Jefferies<\/a> said the four-year moratorium will offer an annual cash flow relief of Rs 250 billion to Vi, which will improve its chances for longer survival.
\u201cPer our calculations, the govt. could own 26% of VIL at the end of four-year period, if VIL chooses to pay the cumulative interest of Rs90bn over four years through equity, assuming shares are issued at CMP,\u201d Jefferies said.
ICICI Securities though cautioned that a tariff hike is necessary to Vi for survival considering it has liabilities of Rs 60 billion as NCD payments and it needs to renew bank guarantees worth Rs 120 billion in the next 12 months.