- SingTel is surrendering more than 4 per cent of Bharti Airtel at Rs 220 a share to GIC.<\/li>
- The current price is about Rs 350, the five-year low is Rs 285.<\/li>
- Airtel is raising Rs 25,000 crore via a rights issue to strengthen its balance sheet amid a bruising fight with Reliance Jio.<\/li> <\/ul><\/div>","also_read_available":false,"body":"
Singapore Telecommunications should ask for a tax refund. After all, here’s a telco<\/a> that got the chance to maintain its stake<\/a> in an overseas business on the cusp of something new at a steep discount to the market<\/a> price.
And what did it do? SingTel<\/a> renounced part of those rights in favour of Singapore’s sovereign wealth fund for no consideration. Yes, gratis, free of charge.
Given that GIC<\/a> Pte’s investment returns play a big role in funding Singapore’s increasingly welfarist budget, it’s only fair that SingTel should ask for a tax offset against its gift to the fund.
Let’s back up a bit. SingTel’s prized investment is Bharti<\/a> Airtel<\/a>, India’s mobile market leader. The company is raising as much as Rs 250 billion ($3.6 billion) via a rights issue to strengthen its balance sheet amid a bruising fight with Reliance Jio Infocomm, which has made a splashy entry into India’s 4G market offering cheap data and lifetime free voice calls.
Since 2001, SingTel has been a big backer of Bharti founder Sunil Mittal, a former bicycle-parts trader who gained the most from the 1990s liberalisation of Indian telecom. Even now, Mittal is the Street’s favourite to be the rival that’s left standing once Jio’s Mukesh Ambani has cleared the field of weaker competition, including his younger brother, Anil Ambani.
The older sibling’s foray has unleashed explosive demand for data in India. Given that “growth” isn’t a word heard frequently nowadays in the boardroom of a mature-market telco, SingTel should have written the rights-issue cheque in full.
Concern for its credit rating was behind the decision to pass. Since SingTel is borrowing to finance the investment, it decided against taking its full allotment, for that could have driven its ratio of funds from operations to debt below 45 per cent, the trigger for a possible downgrade of its A-plus score by S&P Global Ratings.
SingTel holds a direct stake in Bharti Airtel and a further interest in the company through its holding in unlisted parent Bharti Telecom. The Singaporean company will subscribe for the direct portion of the rights issue, while sacrificing the indirect part. As a result, SingTel’s stake in Bharti Airtel will fall to 35.2 per cent from 39.5 per cent.
It should puzzle SingTel investors that the telco is surrendering more than 4 per cent of Bharti Airtel at Rs 220 a share to GIC when the current price is about Rs 350, the five-year low is Rs 285, and Mittal has already demonstrated that he isn’t going to keel over under Jio’s assault. The decision to renounce part of its rights to GIC followed an agreement that was made on “an arm’s length basis”, a SingTel spokesman said. Bharti Airtel shares rose more than 5 per cent on Tuesday because of the recapitalisation.
If the Singapore telco was constrained by its credit rating, couldn’t it have auctioned the rights it wanted to renounce to the highest bidder, or sell them in the open market when the rights began to trade? Since it chose instead to give a windfall to the state, relief on its corporate tax payment would only be fair. Then, SingTel shareholders could also share in its generosity.
<\/p><\/body>","next_sibling":[{"msid":63829583,"title":"Fine balance must for data availability, innovation and privacy: IT Minister Ravi Shankar Prasad","entity_type":"ARTICLE","link":"\/news\/fine-balance-must-for-data-availability-innovation-and-privacy-it-minister-ravi-shankar-prasad\/63829583","category_name":null,"category_name_seo":false}],"related_content":[],"msid":68410257,"entity_type":"ARTICLE","title":"SingTel deserves I-T refund for gifting Airtel stake to GIC","synopsis":" SingTel renounced part of the rights in favour of Singapore\u2019s sovereign wealth fund for free.","titleseo":"singtel-deserves-i-t-refund-for-gifting-airtel-stake-to-gic","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"Bloomberg","artdate":"2019-03-14 17:00:56","lastupd":"2023-03-13 17:12:40","breadcrumbTags":["Airtel","Market","SingTel","gic","stake","telco","Industry","bharti"],"secinfo":{"seolocation":"singtel-deserves-i-t-refund-for-gifting-airtel-stake-to-gic"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2019-03-14" data-index="article_1">- 3分钟阅读
新加坡电信值得它退款赠送Airtel新加坡政府投资公司的股权
新加坡电信放弃权利的一部分,支持免费新加坡主权财富基金。
Highlights<\/h4>突出了
- 新加坡电信是投降超过4%的Bharti Airtel GIC每股220卢比。
- 目前的价格大约是350卢比,五年低点是285卢比。
- Airtel通过配股筹集25000卢比,以加强其资产负债表,与信实Jio殊死战斗。
新加坡电信应该要求退税。毕竟,这是一个电信有机会维持股份在海外业务的新事物在一个陡峭的折价市场价格。
自2001年以来,新加坡电信的大支持者Bharti创始人苏尼尔•米塔尔前自行车零部件交易员获得最从1990年代印度电信自由化。即使是现在,米塔尔街上最喜欢的是剩下的对手站一旦Jio穆凯什•安巴尼扫清了较弱的竞争领域,包括他的弟弟,安尼尔•安巴尼。
和它做了什么呢?新加坡电信放弃这些权利的一部分,支持新加坡主权财富基金没有考虑。是的,免费的,免费的。
考虑到新加坡政府投资公司Pte的投资回报中扮演着重要的角色在新加坡越来越welfarist资金预算,只有公平,新加坡电信应要求税收抵消对其在该基金的礼物。
让我们后退一步想想。新加坡电信的宝贵的投资Bharti附近的旅馆印度手机市场的领导者。公司筹集高达2500亿卢比(36亿美元)通过配股发行,以加强其资产负债表,殊死战斗与信实Jio Infocomm,已经引人注目地进入印度的4 g市场提供廉价的数据和终生免费语音通话。
哥哥的尝试在印度引发了爆炸对数据的需求。鉴于“增长”不是一个词经常听到现在董事会的成熟的市场电信、新加坡电信应该写配股的支票。
对其信用评级是背后的决定。由于新加坡电信是借贷融资投资,它决定不将其全部分配,能够推动其业务债务的比率低于45%,触发一个更好的分数标准普尔全球评级可能下调。
新加坡电信直接持有股份公司Bharti Airtel和进一步的利益通过其持有的未上市的母公司Bharti电信。新加坡公司将认购的直接部分权利问题,而牺牲的间接作用。结果,Bharti Airtel新加坡电信的股份将从39.5%降至35.2%。
应该拼图新加坡电信,电信投资者交出超过4%的Bharti Airtel每股220卢比时,新加坡政府投资公司目前的价格大约是350卢比,五年低点是285卢比,米塔尔已经表明,他不会翻倒在Jio的攻击。决定放弃权利的一部分,新加坡政府投资公司是一项协议,是在“一个手臂的长度的基础上”,新加坡电信的一位发言人说。Bharti Airtel股价周二上涨超过5%,因为资本重组。
如果新加坡电信受制于其信用评级,不能有拍卖的权利要放弃出价最高的人,或者是在公开市场上卖出的权利开始贸易吗?因为它选择给国家一笔意外之财,缓解企业纳税只会是公平的。然后,新加坡电信股东也可以分享它的慷慨。
- SingTel is surrendering more than 4 per cent of Bharti Airtel at Rs 220 a share to GIC.<\/li>
- The current price is about Rs 350, the five-year low is Rs 285.<\/li>
- Airtel is raising Rs 25,000 crore via a rights issue to strengthen its balance sheet amid a bruising fight with Reliance Jio.<\/li> <\/ul><\/div>","also_read_available":false,"body":"
Singapore Telecommunications should ask for a tax refund. After all, here’s a telco<\/a> that got the chance to maintain its stake<\/a> in an overseas business on the cusp of something new at a steep discount to the market<\/a> price.
And what did it do? SingTel<\/a> renounced part of those rights in favour of Singapore’s sovereign wealth fund for no consideration. Yes, gratis, free of charge.
Given that GIC<\/a> Pte’s investment returns play a big role in funding Singapore’s increasingly welfarist budget, it’s only fair that SingTel should ask for a tax offset against its gift to the fund.
Let’s back up a bit. SingTel’s prized investment is Bharti<\/a> Airtel<\/a>, India’s mobile market leader. The company is raising as much as Rs 250 billion ($3.6 billion) via a rights issue to strengthen its balance sheet amid a bruising fight with Reliance Jio Infocomm, which has made a splashy entry into India’s 4G market offering cheap data and lifetime free voice calls.
Since 2001, SingTel has been a big backer of Bharti founder Sunil Mittal, a former bicycle-parts trader who gained the most from the 1990s liberalisation of Indian telecom. Even now, Mittal is the Street’s favourite to be the rival that’s left standing once Jio’s Mukesh Ambani has cleared the field of weaker competition, including his younger brother, Anil Ambani.
The older sibling’s foray has unleashed explosive demand for data in India. Given that “growth” isn’t a word heard frequently nowadays in the boardroom of a mature-market telco, SingTel should have written the rights-issue cheque in full.
Concern for its credit rating was behind the decision to pass. Since SingTel is borrowing to finance the investment, it decided against taking its full allotment, for that could have driven its ratio of funds from operations to debt below 45 per cent, the trigger for a possible downgrade of its A-plus score by S&P Global Ratings.
SingTel holds a direct stake in Bharti Airtel and a further interest in the company through its holding in unlisted parent Bharti Telecom. The Singaporean company will subscribe for the direct portion of the rights issue, while sacrificing the indirect part. As a result, SingTel’s stake in Bharti Airtel will fall to 35.2 per cent from 39.5 per cent.
It should puzzle SingTel investors that the telco is surrendering more than 4 per cent of Bharti Airtel at Rs 220 a share to GIC when the current price is about Rs 350, the five-year low is Rs 285, and Mittal has already demonstrated that he isn’t going to keel over under Jio’s assault. The decision to renounce part of its rights to GIC followed an agreement that was made on “an arm’s length basis”, a SingTel spokesman said. Bharti Airtel shares rose more than 5 per cent on Tuesday because of the recapitalisation.
If the Singapore telco was constrained by its credit rating, couldn’t it have auctioned the rights it wanted to renounce to the highest bidder, or sell them in the open market when the rights began to trade? Since it chose instead to give a windfall to the state, relief on its corporate tax payment would only be fair. Then, SingTel shareholders could also share in its generosity.
<\/p><\/body>","next_sibling":[{"msid":63829583,"title":"Fine balance must for data availability, innovation and privacy: IT Minister Ravi Shankar Prasad","entity_type":"ARTICLE","link":"\/news\/fine-balance-must-for-data-availability-innovation-and-privacy-it-minister-ravi-shankar-prasad\/63829583","category_name":null,"category_name_seo":false}],"related_content":[],"msid":68410257,"entity_type":"ARTICLE","title":"SingTel deserves I-T refund for gifting Airtel stake to GIC","synopsis":" SingTel renounced part of the rights in favour of Singapore\u2019s sovereign wealth fund for free.","titleseo":"singtel-deserves-i-t-refund-for-gifting-airtel-stake-to-gic","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"Bloomberg","artdate":"2019-03-14 17:00:56","lastupd":"2023-03-13 17:12:40","breadcrumbTags":["Airtel","Market","SingTel","gic","stake","telco","Industry","bharti"],"secinfo":{"seolocation":"singtel-deserves-i-t-refund-for-gifting-airtel-stake-to-gic"}}" data-news_link="//www.iser-br.com/news/singtel-deserves-i-t-refund-for-gifting-airtel-stake-to-gic/68410257">
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