NEW DELHI: Mutual funds<\/a> invested in the debt<\/a> of Vodafone Idea<\/a>, the telco that must pay the government Rs 53,000 crore in dues, has begun segregating those investments into a separate portfolio after the company’s creditworthiness was downgraded in light of the stressed finances. 新德里消息:共同基金投入债务的沃达丰的想法,电信,政府必须支付53000卢比在费,已经开始隔离这些投资到一个单独的投资组合公司的信用降级后的强调财政。
UTI Mutual Fund<\/a> and Nippon<\/a> India MF Monday decided to create a segregated portfolio, following in the footsteps of Franklin Templeton Mutual Fund<\/a>, which had already segregated the investments last month.
Net debt<\/a> at Vodafone Idea<\/a>, at the end of the December quarter, is about Rs 1.03 lakh crore, a level analysts believe is unsustainable for a company that is losing subscribers and can’t generate enough funds internally if it were to pay the demanded dues to the state.
Earlier Monday, CARE Ratings downgraded Vodafone Idea to BB-, a rating indicating below investment grade paper. UTI MF said that as of February 14, UTI Credit Risk Fund, UTI Bond Fund, UTI Regular Savings Fund, UTI Dynamic Bond Fund and UTI Medium Term Fund have exposures to the debt securities of Vodafone Idea, the market value of the investment being Rs 186 crore.
Three schemes of Nippon<\/a> India Mutual Fund — Nippon India Strategic Debt Fund, Nippon India Credit Risk Fund and Nippon India Hybrid Bond Fund — have exposure in the debt securities of Vodafone Idea. The face value of these investments is Rs 227 crore.
In a note to investors, Nippon India Mutual Fund said: “In light of no further relief and the Supreme Court’s re-iteration of the requirement to make the payment, the company’s operations are likely to become unviable, unless there is significant equity infusion. The promoters of VIL have hinted that they will be unable to continue the operations of the company on a going concern basis unless there is meaningful relief on the AGR<\/a> dues.”
The telecom industry<\/a> was plunged into a crisis on Friday after the Supreme Court came down heavily on the telcos for not adhering to its January 23 deadline of paying their outstanding AGR<\/a> dues and on the telecom department for issuing an order that no coercive action be taken against telcos for missing the earlier deadline.
On January 24, a day after the initial deadline expired, Crisil downgraded the non-convertible debentures of Vodafone Idea to BB, due to which both UTI and Nippon India Mutual Fund had marked down the security and valued it at Rs 35, in line with valuations provided by agencies.
After the segregation, existing investors in the relevant schemes will be allotted an equal number of units in the segregated portfolio as those held in the main portfolio. No subscription or redemption will be allowed in the segregated portfolio of the captioned schemes.
In case investors in any of these schemes choose to redeem their units, they will get redemption proceeds based on the net asset value of the main portfolio and will continue to hold units of the segregated portfolio.
The units of the segregated portfolio will be listed on the stock exchange.
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泌尿道感染共同基金和日本印度MF周一决定创建一个种族隔离的组合,追随的脚步富兰克林邓普顿基金上个月,这已经隔离的投资。
净债务在沃达丰的想法12月季度结束时,大约是十万的1.03卢比,分析师认为对一个公司来说是不可持续的,是失去用户,不能产生足够的资金内部如果支付要求费。
三个方案日本印度共同基金——日本印度战略债务基金,日本印度信用风险基金和日本印度混合债券基金——有风险敞口的债务证券沃达丰的想法。这些投资的面值是227卢比。
在一份致投资者,日本印度共同基金表示:“鉴于没有进一步救济和最高法院的re-iteration要求付款,公司的业务可能会变得不可行,除非有重大股权注入。的发起人维尔暗示,他们将无法继续操作该公司在持续经营的基础上,除非有意义的救济AGR费”。
电信行业周五陷入危机后,最高法院在很大程度上下来的电信公司不遵守其1月23日的最后期限支付未偿AGR费和电信部门发行订单,没有被采取强制措施对电信公司早些时候错过了最后期限。
1月24日,一天后初始期限到期,Crisil下调沃达丰主意BB的不可自由兑换债券,由于泌尿道感染和日本印度共同基金下调了安全性和价值在Rs 35岁,符合机构提供的估值。
隔离后,在相关计划将现有投资者分配同等数量的单位举办的种族隔离的投资组合的主要投资组合。没有订阅或赎回将被允许在标题的种族隔离的组合方案。
以防投资者在这些方案选择赎回单位,他们会根据资产净值赎回资金的主要投资组合,将继续持有单位的种族隔离的组合。
种族隔离的单位组合将在股票交易所上市。
NEW DELHI: Mutual funds<\/a> invested in the debt<\/a> of Vodafone Idea<\/a>, the telco that must pay the government Rs 53,000 crore in dues, has begun segregating those investments into a separate portfolio after the company’s creditworthiness was downgraded in light of the stressed finances.
UTI Mutual Fund<\/a> and Nippon<\/a> India MF Monday decided to create a segregated portfolio, following in the footsteps of Franklin Templeton Mutual Fund<\/a>, which had already segregated the investments last month.
Net debt<\/a> at Vodafone Idea<\/a>, at the end of the December quarter, is about Rs 1.03 lakh crore, a level analysts believe is unsustainable for a company that is losing subscribers and can’t generate enough funds internally if it were to pay the demanded dues to the state.
Earlier Monday, CARE Ratings downgraded Vodafone Idea to BB-, a rating indicating below investment grade paper. UTI MF said that as of February 14, UTI Credit Risk Fund, UTI Bond Fund, UTI Regular Savings Fund, UTI Dynamic Bond Fund and UTI Medium Term Fund have exposures to the debt securities of Vodafone Idea, the market value of the investment being Rs 186 crore.
Three schemes of Nippon<\/a> India Mutual Fund — Nippon India Strategic Debt Fund, Nippon India Credit Risk Fund and Nippon India Hybrid Bond Fund — have exposure in the debt securities of Vodafone Idea. The face value of these investments is Rs 227 crore.
In a note to investors, Nippon India Mutual Fund said: “In light of no further relief and the Supreme Court’s re-iteration of the requirement to make the payment, the company’s operations are likely to become unviable, unless there is significant equity infusion. The promoters of VIL have hinted that they will be unable to continue the operations of the company on a going concern basis unless there is meaningful relief on the AGR<\/a> dues.”
The telecom industry<\/a> was plunged into a crisis on Friday after the Supreme Court came down heavily on the telcos for not adhering to its January 23 deadline of paying their outstanding AGR<\/a> dues and on the telecom department for issuing an order that no coercive action be taken against telcos for missing the earlier deadline.
On January 24, a day after the initial deadline expired, Crisil downgraded the non-convertible debentures of Vodafone Idea to BB, due to which both UTI and Nippon India Mutual Fund had marked down the security and valued it at Rs 35, in line with valuations provided by agencies.
After the segregation, existing investors in the relevant schemes will be allotted an equal number of units in the segregated portfolio as those held in the main portfolio. No subscription or redemption will be allowed in the segregated portfolio of the captioned schemes.
In case investors in any of these schemes choose to redeem their units, they will get redemption proceeds based on the net asset value of the main portfolio and will continue to hold units of the segregated portfolio.
The units of the segregated portfolio will be listed on the stock exchange.
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