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The telco’s survival will now depend on its ability to garner funds to pay the statutory dues and repay what it had borrowed from the market.
The government has estimated Vodafone Idea<\/a>’s dues at over Rs 53,000 crore, including over Rs 28,000 crore in licence fee, interest and penalties and the rest on spectrum usage charges. Besides, the company’s total debt stood at Rs 1.15 lakh crore at the end of FY2019, shows available data.
Mutual fund investors have already taken the first hit from this, after Franklin Templeton India marked down its Vodafone Idea debt exposure to zero as a pre-emptive measure. It has also limited fresh inflows to the schemes having Vodafone Idea papers to Rs 2 lakh per day per fund per investor.
“The large quantum of AGR dues and immediate payment timeline is resulting in significant uncertainty with respect to our exposure to Vodafone Idea,” Franklin Templeton said.
Following these actions, net asset values (NAVs) of six of its funds have fallen 4-7 per cent due to the one-time write-off. As of January 16, total exposure of mutual funds stood at Rs 4,466- 3,389 crore in debt and Rs 1076 crore in equity.
Franklin India has the biggest debt exposure to the company at Rs 2,074 crore. In the equity segment, it owns Vodafone Idea shares worth Rs 630 crore. Aditya Birla Mutual Fund and UTI Mutual Fund each have exposures in excess of Rs 500 crore in the debt segment.
Vodafone Idea stares at a collapse?
<\/strong>Shares of Vodafone Idea crashed some 39 per cent on Friday, potentially erasing the value of the shares held by mutual funds by Rs 419 crore.
Brokerages are depicting a bleak future for Vodafone Idea
Morgan Stanley<\/a> and Edelweiss expect further consolidation in the telecom industry<\/a>. The latter said the industry<\/a> may move towards a duopoly, indicating a possible collapse of the Vodafone Idea.
Vodafone Idea Chairman Kumar Mangalam Birla has already gone on record, saying that his group may have to shut shop if the government does not provide any relief.
“We believe that the final outcome may not be linear and there could be a payment extension or moratorium, to say the least. Irrespective of the outcome, Bharti is well prepared and, along with RJio, appears poised for strong market share gains,” said brokerage Motilal Oswal.
Most brokerages have turned bearish on Vodafone Idea. Bank of America-Merrill Lynch has an ‘underperform’ rating on the scrip.
What should you do?
<\/strong>If you are an investor in any of the debt funds that have exposure to Vodafone Idea papers, keep calm.
“They should keep calm and hold on, because if they exit now, the loss will become permanent. If you hold on, there is a likelihood of some recovery or a substantial writeback,” said Dhirendra Kumar, Founder & CEO, Value Research.
He added Franklin’s step is in a right direction, however, it was not mandatory.
Vidya Bala Co-Founder at PrimeInvestor, echoed a similar views. “Franklin has a track record of making up for hits that it takes. If an investor has a long-term view, there is no point exiting it now after the hit,” Bala said.
Asked if mutual funds that have Vodafone Idea’s papers may rush to sell them, Vidya Bala said it depends on their ability to find takers for the paper. “It will also depend on what the company is going to do. If it is going to take some credit line from banks, then the story will be different.”
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电信的生存将取决于其能力获得基金支付法定费用和偿还它所借用了市场。
政府估计沃达丰的想法费超过53000卢比,包括超过28000卢比的执照费、利息和罚金,其余的在频谱使用费用。除此之外,该公司的债务总额达1.15十万的卢比FY2019结束时,显示了可用的数据。
共同基金投资者已经第一个打击,在富兰克林邓普顿印度下调其沃达丰想法债务敞口零作为先发制人的措施。也有限的新鲜流入沃达丰的计划理念论文Rs - 2十万的每天每基金投资者。
“大量子AGR费和即时付款时间表是导致重大不确定性对我们接触到沃达丰的想法,“富兰克林邓普顿说。
这些行动后,资产净值(资产净值)的六个基金下跌4 - 7每分钱由于一次性注销。1月16日,共同基金的总暴露站在4466 - 3389卢比的债务和股本1076卢比。
富兰克林印度最大的债务敞口公司2074卢比。在股票市场,它拥有沃达丰想法股份价值630卢比。Aditya Birla共同基金和泌尿道感染共同基金都有风险敞口超过500卢比的债务。
沃达丰知道盯着崩溃吗?
沃达丰股价周五撞约39%,可能消除共同基金持有的股票的价值419卢比。
券商是描绘的未来暗淡沃达丰的想法
摩根士丹利(Morgan Stanley)在电信和雪绒花预计进一步整合行业。后者说,行业可能走向垄断,沃达丰的指示可能崩溃的想法。
沃达丰想法主席Kumar Mangalam贝拉已经记录在案,说他的团队可能不得不关闭商店,如果政府不提供任何救济。
“我们相信,最终的结果可能不是线性的,可能会有一个付款延期或中止,至少可以这么说。不管结果如何,Bharti做好准备,连同RJio,似乎准备强大的市场份额,”经纪Motilal Oswal说。
多数券商转为看跌沃达丰的想法。美国银行-美林有“表现不佳”评级的代币。
你应该做什么呢?
如果你是一个投资者的债务基金接触沃达丰论文,保持冷静。
“他们应该保持冷静和坚持,因为如果他们现在退出,损失将成为永久性的。如果你坚持,有一些复苏的可能性或实质性的回写,“Dhirendra Kumar说,创始人和CEO,价值研究。
他补充说富兰克林的一步是在一个正确的方向,但是,它不是强制性的。
维迪雅巴拉PrimeInvestor联合创始人,回应了一个类似的观点。“富兰克林的记录需要弥补支安打。如果一个投资者有一个长远的眼光,没有点退出后,现在,”巴拉说。
问共同基金,沃达丰(Vodafone)想法的论文可能急于出售,维迪雅巴拉说这取决于他们找到接受者的能力。“它还将取决于你的公司打算做什么。如果是需要从银行信贷额度,那么这个故事将是不同的。”
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