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Sunil Mittal-driven Bharti raised its stake upto 70% in Bharti Hexacom Limited<\/a> (BHL), a non-listed company, following 37.5% equity shares, it purchased from Rajiv Malhotra-headed Shyam Telecom at Rs 430-crore in 2004.
State-run Telecommunications Consultants India Limited (TCIL<\/a>) has a 30% shareholding in the Bharti Hexacom that offers services in Rajasthan circles and part of Northeast.
\"We don’t perceive this as a major concern for Bharti; further, buying the government’s 30% stake in Hexacom is likely to provide Bharti with additional flexibility to operate and grow the circle with improved efficiencies,\" JM Financial in its finding said.
The development comes close on the heels of SBI Capital Markets, a government-appointed financial consultant, valuing the 30% stake at more than Rs 8,000 crores.
The Mumbai-based brokerage firm, however, believes the concerns are overstated, and added that its calculation suggests that the potential value of the government’s 30% stake in Bharti Hexacom is unlikely to be significantly above Rs 31 billion (Rs 31,00-crore), based on Bharti Hexacom’s FY23 earnings before interest, taxes, depreciation, and amortisation (EBITDA<\/a>) of Rs 25 billion (Rs 2,500-crore), and added that scalability challenges, state-level nuances and no digital play, could be taken into account to arrive at a valuation.
The telecom department (DoT<\/a>) is planning to raise money after obtaining necessary regulatory approvals to publicly list stocks of Bharti Hexacom, following negotiations with the parent company Bharti Enterprises that, as per stipulated conditions, has the first right of refusal.
\"Coming out with the Initial Public Offer (IPO) for Bharti Hexacom is a long-term process, and may take upto a year's time although we have received a valuation from our transactional consultant,\" a senior DoT official told ETTelecom<\/a>.
Last week, Bharti Airtel informed the stock exchange that it would conduct an extraordinary general meeting (EGM<\/a>) on February 26 to seek a nod to invest an aggregate of Rs 2,800-crore annually between FY 2022-23 to FY 2026-27 in Bharti Hexacom.
In 2006, state-controlled TCIL refused Bharti's offer of Rs 262.50-crore for a 30% stake.
In 2011, Deloitte's valuation of Rs 1,800-crore was also dismissed by the Centre, considering it as too low to proceed.
Bharti Hexacom offers mobile telephony and telemedia services in two circles, and has operational and financial synergies with Bharti Airtel Limited<\/a>.
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Bharti Hexacom JM金融认为政府的股份价值3100卢比
Sunil Bharti Hexacom Mittal-driven Bharti上调股份到70% (BHL)有限,非上市公司37.5%股权后,它从Rajiv购买Malhotra-headed Shyam电信在2004年价值430卢比。
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Sunil Bharti Mittal-driven Bharti上调股份到70%Hexacom有限(BHL)非上市公司37.5%股权后,它从Rajiv购买Malhotra-headed Shyam电信在2004年价值430卢比。
印度国营电信顾问有限公司(TCILBharti Hexacom) 30%的股份,提供服务在拉贾斯坦邦圆圈和东北的一部分。
“我们不认为这是一个主要关心Bharti;进一步,购买政府的30%的股份Hexacom可能为Bharti提供额外的灵活性操作和成长圆与提高效率,”JM金融在其发现说。
开发接近的印度国家银行资本市场,一个政府任命的金融顾问,30%的股权估值超过Rs 8000卢比。
然而,孟买经纪公司认为,担忧言过其实,并补充称,其计算表明政府的30%的股份的潜在价值Bharti Hexacom不太可能远远高于310亿卢比(00-crore Rs 31日),基于Bharti Hexacom FY23利息、税收、折旧和摊销前利润(息税前利润)250亿卢比(价值2500卢比),和补充说,可伸缩性挑战,国家级的细微差别,没有数字,可以考虑到达一个估值。
电信部门(点)计划筹集资金后获得必要的批准公开Bharti Hexacom股票列表,与母公司Bharti企业谈判后,按照规定的条件下,有优先取舍权。
“出柜的首次公开发行(IPO) Bharti Hexacom是一个长期的过程,并且可能花费长达一年的时间虽然我们收到我们的估值事务顾问,“点一位高级官员说乐动娱乐招聘。
上周,Bharti Airtel通知证券交易所,将进行特别大会(……)于2月26日寻求点头每年价值2800卢比的总投资在2022财政年度- 23在Bharti Hexacom财政年度2026 - 27。
2006年,国有TCIL拒绝Bharti提供Rs 262.50卢比的30%的股权。
在2011年,德勤的估值价值1800卢比也被中心,考虑到这是太低了。
Bharti Hexacom提供移动电话和电讯传媒服务在两个圆,和已经运营和财务协同效应Bharti Airtel有限。
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