The government finds itself the owner of a 35.8% stake in Vodafone Idea<\/a> after the promoters, as widely expected, opted to convert the interest due on spectrum payments and adjusted gross revenue (AGR<\/a>) into equity at par. The two promoters - the government is not classified as one and does not plan an active role in management - continue to own 42%. The stock closed down 19.5% as markets reacted negatively to the conversion rate. Notwithstanding, the move will likely help the company raise funds as its credit outlook will improve. Interested private equity (PE) investors will be comforted by the government's stake as the chances of the company going into liquidation have significantly decreased. Initial commentary from brokerages and bankers is that the company is out of the woods.

The company's promoters and management, however, must step up and get new investors on board, for the government's involvement is not an unmixed blessing. It is not clear how it plans to exit but it will want to do so for a profit. It can either sell its shares through an offer for sale in the public markets or to strategic investors through a bidding process. If valuation does not go up, pressure will invariably increase for the state to play an active role. The increase in telecom tariffs will help improve the bottom line but it is not clear how much tariffs can go up given a competitive scenario and pinched consumer pockets due to the pandemic. As per reports, the promoters, along with a PE investor, plan to invest around $1.5 billion, followed by further equity-raising such as a sale of shares through the
QIP<\/a> route, raising a total of $2.5 billion. It is also said to be restructuring its debt. But the company needs to raise considerably larger amounts to compete with its deep-pocketed rivals, Reliance Jio<\/a> and Airtel.

The government's package for the telecom sector, largely meant to bail out Vodafone Idea, has mostly met the sector's demands on AGR dues and spectrum payments. The revenue share, now 8%, can certainly go down and there may be scope to reduce the GST rate, currently at 18%. Beyond that, it is largely up to the companies.
<\/p><\/body>","next_sibling":[{"msid":88844678,"title":"Centre wants no role in Vodafone Idea's ops, plans to exit once firm stabilises","entity_type":"ARTICLE","link":"\/news\/centre-wants-no-role-in-vodafone-ideas-ops-plans-to-exit-once-firm-stabilises\/88844678","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"88841103","title":"1","entity_type":"IMAGES","seopath":"opinion\/et-editorial\/gois-equity-lifeline-for-vodafone-idea\/1","category_name":"GoI's equity lifeline for Vodafone Idea","synopsis":"The company's promoters and management, however, must step up and get new investors on board, for the government's involvement is not an unmixed blessing.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-48332\/88841103.cms?width=150&height=112","link":"\/image\/opinion\/et-editorial\/gois-equity-lifeline-for-vodafone-idea\/1\/88841103"}],"msid":88844690,"entity_type":"ARTICLE","title":"View: GoI's equity lifeline for Vodafone Idea","synopsis":"The government's package for the telecom sector, largely meant to bail out Vodafone Idea, has mostly met the sector's demands on AGR dues and spectrum payments.","titleseo":"telecomnews\/view-gois-equity-lifeline-for-vodafone-idea","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":1253,"shares":0,"engagementtimems":6265000},"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2022-01-12 07:34:24","lastupd":"2022-01-12 07:35:13","breadcrumbTags":["Vodafone Idea news","goi","agr","reliance jio","qip","Vodafone Idea","telecom news","Industry"],"secinfo":{"seolocation":"telecomnews\/view-gois-equity-lifeline-for-vodafone-idea"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2022-01-12" data-index="article_1">

观点:GoI权益的生命线沃达丰的想法

电信业的政府计划,主要为了救助沃达丰的想法,大多满足行业的需求AGR会费和频谱支付。

  • 更新2022年1月12日上午07:35坚持
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政府发现自己35.8%的股份的所有者沃达丰的想法启动子后,一如预期,选择转换光谱的到期利息支付和调整后的总收益(AGR)股本面值。两个启动子——政府不是归类为一个,不计划积极参与管理,继续自己的42%。股市收盘下跌19.5%,因市场反应消极的转化率。尽管,此举将可能帮助公司筹集资金作为其信贷前景将会改善。感兴趣的私人股本(PE)投资者将安慰由政府的股份公司进入清算的可能性大大降低了。最初的评论从券商和银行,该公司走出困境。

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然而,该公司的发起人和管理必须加强和获得新的投资者,政府的介入并不是一份大礼。目前尚不清楚如何计划退出,但这样做会来获利。它可以通过提供出售其股票在公开市场出售或战略投资者通过招标过程。如果估值不上升,压力总是会增加政府发挥积极作用。电信关税的增加将有助于改善底线,但还不清楚有多少关税可以给定一个竞争场景和压缩消费者口袋由于流感大流行。根据报道,发起人以及私募股权投资者,计划投资约15亿美元,紧随其后的是进一步的增发等通过出售股票QIP路线,提高总计25亿美元。这也是重组债务。但是公司需要筹集大量与财力雄厚的竞争对手竞争,依赖Jio和旅馆。

电信业的政府计划,主要为了救助沃达丰的想法,大多满足行业的需求AGR会费和频谱支付。收入份额,现在8%,当然可以下去可能会有降低消费税税率范围,目前为18%。除此之外,它在很大程度上是公司。

  • 发表在2022年1月12日07:34点坚持
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The government finds itself the owner of a 35.8% stake in Vodafone Idea<\/a> after the promoters, as widely expected, opted to convert the interest due on spectrum payments and adjusted gross revenue (AGR<\/a>) into equity at par. The two promoters - the government is not classified as one and does not plan an active role in management - continue to own 42%. The stock closed down 19.5% as markets reacted negatively to the conversion rate. Notwithstanding, the move will likely help the company raise funds as its credit outlook will improve. Interested private equity (PE) investors will be comforted by the government's stake as the chances of the company going into liquidation have significantly decreased. Initial commentary from brokerages and bankers is that the company is out of the woods.

The company's promoters and management, however, must step up and get new investors on board, for the government's involvement is not an unmixed blessing. It is not clear how it plans to exit but it will want to do so for a profit. It can either sell its shares through an offer for sale in the public markets or to strategic investors through a bidding process. If valuation does not go up, pressure will invariably increase for the state to play an active role. The increase in telecom tariffs will help improve the bottom line but it is not clear how much tariffs can go up given a competitive scenario and pinched consumer pockets due to the pandemic. As per reports, the promoters, along with a PE investor, plan to invest around $1.5 billion, followed by further equity-raising such as a sale of shares through the
QIP<\/a> route, raising a total of $2.5 billion. It is also said to be restructuring its debt. But the company needs to raise considerably larger amounts to compete with its deep-pocketed rivals, Reliance Jio<\/a> and Airtel.

The government's package for the telecom sector, largely meant to bail out Vodafone Idea, has mostly met the sector's demands on AGR dues and spectrum payments. The revenue share, now 8%, can certainly go down and there may be scope to reduce the GST rate, currently at 18%. Beyond that, it is largely up to the companies.
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