ET Intelligence Group: Reliance Industries’ plans to become a zero-net debt<\/a> company<\/a> by March 2021 got a major boost on Wednesday with the announcement of the deal to sell a 9.9 per cent stake in Jio Platforms for ₹43,574 crore. 等情报组:信实工业的计划成为一个建造零债务公司2021年3月有重大推动周三宣布的协议,出售9.9%的股份Jio平台₹43574卢比。
RIL<\/a>’s net debt, after the deal completion, could fall by as much as 28 per cent to ₹1.1lakh crore, estimates by ETIG show. The deal is the first major transaction to partially sell assets after RIL announced a major restructuring exercise last year to become a zero net debt company by 2021.
RIL’s talks with Saudi Aramco to sell 20 per cent in the oil and gas business have not progressed well and is likely to face headwinds due to oil’s historic collapse. A deal to sell Reliance Jio’s tower assets to Brookfield in a deal worth about $8 billion has also been held up nine months after it was first signed. But Wednesday’s announcement comes a few months after RIL’s deal with BP, where it formed a 51:49 joint venture for the retail fuel and aviation turbine fuel businesses. Under that agreement, BP would pay ₹7,000 crore to RIL.
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Zero net debt refers to the status of the company where cash equals the debt on its books.
Analysts applauded the Facebook transaction and the stock market responded with a 9.83 per cent gain for the RIL stock. Morgan Stanley said that the stake sale will increase earnings by 1.5 per cent and debt could be lowered by $39 billion if all asset sale transactions are concluded.
Credit Suisse said the transaction will help in deleveraging and achieving zero net debt status by March 2021.
Facebook’s investment will be partially utilised by Jio Platforms for its investments (₹15,000 crore) while the remaining will be used to redeem optionally convertible preference shares issued to RIL, thereby reducing the parent company’s debt.
Before this transaction, RIL had consolidated net debt of ₹1.53 lakh crore. The repayment of loans worth ₹28,000 crore and the infusion of cash of ₹15,000 crore into Jio Platforms would reduce that number to about ₹1.1 lakh crore, ETIG estimates show. Reliance has consolidated cash and cash equivalents of about ₹1.5 lakh crore.
In December 2019, the company generated cash profit of ₹18,511 crore, which was higher than its capital expenditure of ₹14,015 crore. This suggests that the capex intensity of the company has peaked out after it deployed the largest amount of capex in the last five years by any Indian corporate.
Facebook’s stake buy of 9.9 per cent values Jio Platforms at $66 billion which is around 10-15 per cent superior than street’s expectation and values the company at 1.8 times of its invested capital. This is likely to revise upwards the fair value for digital services. The digital services segment contributed nearly 35-40 per cent to the sum-of-the-parts value of RIL, according to analysts.
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瑞来斯的净债务,交易完成后,可能会下降28%至1.1₹十万的卢比,估计ETIG表演。交易后的第一个重大交易部分出售资产瑞来斯去年宣布一项重大重组锻炼成为一个零净债务公司到2021年。
瑞来斯与沙特阿拉伯国家石油公司谈判出售20%的石油和天然气业务没有进展顺利,可能会面临阻力是由于石油的历史性崩溃。协议出售依赖Jio布鲁克菲尔德的塔资产交易价值约80亿美元也首次签署了9个月后。但周三的声明是在瑞来斯几个月后与英国石油(BP)达成的协议,它形成了一个51:49合资公司的成品油零售企业和航空涡轮燃料。根据该协议,英国石油公司将支付₹7000卢比的瑞来斯。
零净债务是指公司现金等于债务的状态在其书。
分析师称赞Facebook事务和股市瑞来斯获得了9.83%的股票。摩根士丹利(Morgan Stanley)表示,出售股权和债务将增加收入1.5%可能降低390亿美元如果所有资产出售交易总结道。
瑞士信贷(Credit Suisse)表示,该交易将帮助在去杠杆化和实现零净债务状况2021年3月。
Facebook的投资将由Jio平台部分利用其投资(₹15000卢比),其余将用于赎回瑞来斯选择发行可转换优先股,从而减少母公司的债务。
这个事务之前,瑞来斯合并净债务1.53₹十万的卢比。偿还的贷款价值₹28000卢比,注入的现金₹15000卢比Jio平台将减少这个数字约1.1₹十万的卢比,ETIG估计显示。依赖巩固现金和现金等价物约1.5₹十万的卢比。
2019年12月,公司产生现金利润₹18511卢比,高于其资本支出₹14015卢比。这表明公司的资本支出强度已经达到顶峰后,部署最多的资本支出在过去五年的印度企业。
Facebook的股份购买的9.9% Jio平台值660亿美元每分均比约10 - 15街的期望和价值观,公司的投资资本的1.8倍。这可能是向上修订数字服务的公允价值。数字服务领域贡献了将近35 - 40每分钱瑞来斯的整体价值,据分析师。
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ET Intelligence Group: Reliance Industries’ plans to become a zero-net debt<\/a> company<\/a> by March 2021 got a major boost on Wednesday with the announcement of the deal to sell a 9.9 per cent stake in Jio Platforms for ₹43,574 crore.
RIL<\/a>’s net debt, after the deal completion, could fall by as much as 28 per cent to ₹1.1lakh crore, estimates by ETIG show. The deal is the first major transaction to partially sell assets after RIL announced a major restructuring exercise last year to become a zero net debt company by 2021.
RIL’s talks with Saudi Aramco to sell 20 per cent in the oil and gas business have not progressed well and is likely to face headwinds due to oil’s historic collapse. A deal to sell Reliance Jio’s tower assets to Brookfield in a deal worth about $8 billion has also been held up nine months after it was first signed. But Wednesday’s announcement comes a few months after RIL’s deal with BP, where it formed a 51:49 joint venture for the retail fuel and aviation turbine fuel businesses. Under that agreement, BP would pay ₹7,000 crore to RIL.
Zero net debt refers to the status of the company where cash equals the debt on its books.
Analysts applauded the Facebook transaction and the stock market responded with a 9.83 per cent gain for the RIL stock. Morgan Stanley said that the stake sale will increase earnings by 1.5 per cent and debt could be lowered by $39 billion if all asset sale transactions are concluded.
Credit Suisse said the transaction will help in deleveraging and achieving zero net debt status by March 2021.
Facebook’s investment will be partially utilised by Jio Platforms for its investments (₹15,000 crore) while the remaining will be used to redeem optionally convertible preference shares issued to RIL, thereby reducing the parent company’s debt.
Before this transaction, RIL had consolidated net debt of ₹1.53 lakh crore. The repayment of loans worth ₹28,000 crore and the infusion of cash of ₹15,000 crore into Jio Platforms would reduce that number to about ₹1.1 lakh crore, ETIG estimates show. Reliance has consolidated cash and cash equivalents of about ₹1.5 lakh crore.
In December 2019, the company generated cash profit of ₹18,511 crore, which was higher than its capital expenditure of ₹14,015 crore. This suggests that the capex intensity of the company has peaked out after it deployed the largest amount of capex in the last five years by any Indian corporate.
Facebook’s stake buy of 9.9 per cent values Jio Platforms at $66 billion which is around 10-15 per cent superior than street’s expectation and values the company at 1.8 times of its invested capital. This is likely to revise upwards the fair value for digital services. The digital services segment contributed nearly 35-40 per cent to the sum-of-the-parts value of RIL, according to analysts.
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