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\"\"KOLKATA | MUMBAI: The Aditya Birla Group<\/a> needs to pump in cash to raise its stake in Idea Cellular<\/a> or the combined entity to have equal rights in a telecom joint venture with UK’s Vodafone<\/a> Group, analysts said, adding that the Indian conglomerate may have to shell out around $3.5 billion (Rs 25,150 crore) for a structure that could see the two hold 37.5% each. They add that another option is for a strategic investor to buy a portion of the UK telecom major’s stake to reduce it to match the Birla group<\/a>’s holding.
\n
Meanwhile, parallel talks are believed to be on for major shareholder Axiata<\/a> to reduce its holdings from about 20% in Idea in favour of the Indian group before any merger, a person familiar with the matter said.
\n
\nExcluding its 42% stake in Indus Towers, Vodafone India, the country’s No. 2 telco, is valued at close to Rs 50,000 crore, as per analysts, 1.2-1.3 times the third-ranked Idea’s market cap, which was over Rs 39,000 crore at close of trade February 3. The Birla group owns roughly 42% of Idea Cellular. The Vodafone Group is a 100% owner of its Indian unit.
\n
\nBrokerage HSBC expects \"Vodafone Group Plc and Idea’s promoter Aditya Birla Group will end up with 37.5% each” in the merged entity, while analysts at Credit Suisse peg their initial respective shareholdings at 39% each, both on the assumption that the Birlas will infuse sizeable equity capital in the combined entity to level its stake with Vodafone’s. Brokerage Credit Suisse estimates that the Birla group’s requisite equity infusion into the Vodafone-Idea merged entity could range between \"$2.39 billion and $3.72 billion, depending on Idea’s stock price”.
\n
\n\"\"
\nSURGING STOCK<\/strong>
\nThe Aditya Birla Group though faces a Catch-22 situation, in that the more its stock price jumps amid ongoing merger talks, the more it would need to cough up to ensure shareholding parity with Vodafone. In a little over two weeks, the Idea scrip has shot up nearly 62% from Rs 67.5 (on January 18) to Rs 109.20 on BSE on February 3.
\n
\nAt Rs 77 per share for Idea, the Birla Group would need to put in nearly $2.4 billion to keep its stake at 39%; at Rs 100, $3.1 billion; at Rs 110, $3.4 billion; and at Rs 120, $3.72 billion, according to Credit Suisse estimates. It added that the high equity infusion may lead to some questioning of \"the deal logic from the group’s perspective”.
\n
\nIdea’s minority shareholders, including Malaysia’s Axiata, analysts said, would own the remaining stake. In case of an initial structure of 39% each, Vodafone and Aditya Birla Group would need to bring it down to 37.5% each to conform to rules which require minority shareholders in a listed entity to hold a minimum 25%.
\n
\nAs per the shareholders’ pact, Axiata has the right to keep its holding at around the current levels, in case of an issue of shares by the Indian telco.
\n
\nA Vodafone Group Plc spokesman said the company \"has nothing further to say at this stage” (beyond the January 30 announcement), and would not be commenting to ET’s queries. Queries to Idea Cellular and Axiata did not elicit a response at press time.
\n
\nSTRATEGIC INVESTOR<\/strong>
Industry<\/a> insiders added that a strategic investor option could also be on the table to bridge the valuation gap with Vodafone, which has more users and revenue than Idea, which is more efficiently run and has been growing faster. An industry executive added that the advent of a strategic investor would make it easier for the UK company to justify its equal rights merger strategy to shareholders, despite being the larger entity.
\n
\nAnalysts at HSBC suggest that another possible solution could be Vodafone picking up a higher stake but agreeing to let the Birla group have equal control over the merged operation. Brokerage Credit Suisse, however, feels such a pact \"would be difficult to justify economically”.
\n
\nVodafone and the Birla group said on January 30 that they were in talks to merge Vodafone India, excluding its stake in Indus, and Idea in an allshare transaction that would create the country’s largest mobile phone company by subscribers and revenue market share if the deal goes through. Vodafone also said a merger would be effected through the issue of new shares in Idea to Vodafone, which would result in the UK telco separating its India unit.
\n
Vodafone Group CEO Vittorio Colao subsequently said merger talks with Idea’s promoters were aimed at creating a self-funded Indian joint venture with equal rights to take on the competitive threat posed by Reliance Jio<\/a> Infocomm, led by India’s richest man, Mukesh Ambani.
\n
\nJio’s free voice and data services have already hit market leader Bharti Airtel, which reported a 55% fall in its third-quarter net profit to Rs 504 crore. Vodafone India reported a 1.9% drop in service revenue in the December quarter to Rs 10,556 crore, stung by competitive headwinds. No 3 carrier Idea too is expected to fare poorly in the December quarter, with some analysts estimating its first ever net loss.\n\n<\/body>","next_sibling":[{"msid":56992967,"title":"Telecom operator-assisted drive tests to check call drops soon: Trai","entity_type":"ARTICLE","link":"\/news\/telecom-operator-assisted-drive-tests-to-check-call-drops-soon-trai\/56992967","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":56992998,"entity_type":"ARTICLE","title":"Vodafone deal may require Birlas to pump Rs 25,150 crore into Idea Cellular","synopsis":"Aditya Birla Group may have to cough up nearly Rs 25,150 crore to match Vodafone\u2019s possible 37.5% stake in merged entity.","titleseo":"telecomnews\/vodafone-deal-may-require-birlas-to-pump-rs-25150-crore-into-idea-cellular","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}},{"author_name":"Devina Sengupta","author_link":"\/author\/479212895\/devina-sengupta","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479212895.cms?width=100&height=100","author_additional":{"thumbsize":false,"msid":479212895,"author_name":"Devina Sengupta","author_seo_name":"devina-sengupta","designation":"Senior Assistant Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2017-02-06 08:35:06","lastupd":"2017-02-06 08:37:53","breadcrumbTags":["Vodafone","industry","Aditya Birla Group","Idea Cellular","Birla group","Axiata","Reliance Jio"],"secinfo":{"seolocation":"telecomnews\/vodafone-deal-may-require-birlas-to-pump-rs-25150-crore-into-idea-cellular"}}" data-authors="[" kalyan parbat","devina sengupta"]" data-category-name="" data-category_id="" data-date="2017-02-06" data-index="article_1">

沃达丰(Vodafone)协议可能需要圈子细胞注入25150卢比的想法

Aditya Birla集团可能不得不咳嗽了近25150卢比与沃达丰可能37.5%的股份合并后的实体。

Kalyan尔巴特 Devina森古普塔
  • 更新于2017年2月6日上午08:37坚持
孟买加尔各答|:Aditya Birla集团需要注入资金增持知道细胞或合并后的实体有平等权利与英国电信合资企业沃达丰(Vodafone)组,分析人士说,印度企业集团可能不得不支付大约35亿美元(25150卢比)结构,可以看到两个持有37.5%。他们补充说,另一个选择是战略投资者购买的一部分英国电信主要的股权减少匹配博拉集团持有。

与此同时,平行谈判被认为是大股东Axiata从20%减持的观点支持印度集团合并之前,一个知情人士说。

排除它印度河塔42%的股份,沃达丰印度,该国第二大电信,价值接近50000卢比,根据分析师,1.2的-1.3倍的市值第三大想法,这是在2月3日收盘的39000卢比。博拉集团拥有大约42%的细胞。沃达丰集团是一个100%其印度子公司的所有者。

经纪公司汇丰银行预计“沃达丰集团和想法子Aditya Birla集团最终将以37.5%的每个“在合并后的实体,而瑞士信贷(Credit Suisse)分析师盯住他们最初各自持股在39%,这两个假设圈子将在合并后的实体注入相当大的股权资本水平与沃达丰的股份。经纪瑞士信贷(Credit Suisse)估计,博拉集团的股权注入到Vodafone-Idea合并后的实体可以之间“23.9亿美元和37.2亿美元,这取决于股票价格”。


股票飙升
Aditya Birla集团虽然面临“第22条军规”的情况,在越股价跳跃在进行合并谈判,就越需要咳嗽与沃达丰(Vodafone),确保股权平价。在两个多星期,这个想法从Rs代币飙升近62% 109.20 67.5(1月18)Rs疯牛病在2月3日。

以每股77卢比的理念,博拉集团将需要投入近24亿美元将持股比例保持在39%;在Rs 100, 31亿美元;在Rs 110, 34亿美元;在Rs 120, 37.2亿美元,据瑞士信贷(Credit Suisse)估计。它补充说,高股本注入可能导致一些质疑的“交易逻辑从集团的角度来看”。

想法的少数股东,包括马来西亚Axiata分析师表示,将自己的剩余股份。39%的初始结构,沃达丰(Vodafone)和Aditya Birla集团将需要把它降至37.5%每个符合规则要求在上市公司少数股东持有至少25%。

根据股东协议,Axiata有权保持保持在当前水平,在印度电信股票的问题。

沃达丰集团的一位发言人表示,该公司“没有进一步说在这个阶段”(在1月30日公告),和不会评论等的查询。查询概念细胞和Axiata没有得到响应的新闻时间。

战略投资者
行业内部人士说,战略投资者选择也可以在桌子上桥沃达丰的估值差距,更多的用户和收入比的想法,这是更有效地运行和增长速度。行业高管说,战略投资者的出现将使英国公司更容易证明其平等权利合并策略股东,尽管被更大的实体。

汇丰银行的分析师认为,另一个可能的解决方案可能是沃达丰捡更高但同意让博拉集团股份平等控制合并操作。经纪瑞士信贷(Credit Suisse),然而,感觉这样的协定”很难证明经济”。

沃达丰(Vodafone)和博拉集团在1月30日表示,他们在谈判合并沃达丰印度,印度河排除它的股份,和想法allshare事务,致力打造中国最大的移动电话公司的用户和收入市场份额如果交易进展顺利。沃达丰还表示,合并会影响沃达丰通过增发新股的主意,这将导致英国电信将其印度子公司。

沃达丰首席执行官维托里奥·科劳集团随后说合并谈判理念的推广者旨在创建一个自筹资金与平等权利印度合资公司带来的竞争威胁依赖JioInfocomm,由印度首富穆凯什•安巴尼。

Jio的免费的语音和数据服务已经达到市场领导者Bharti Airtel,公布其第三季度净利润下降55%至504卢比。沃达丰印度报道服务在12月当季营收下降1.9%至10556卢比,受到竞争阻力。3号航母的想法也预计将在12月当季表现不佳,一些分析师估计其首次净亏损。
  • 发布于2017年2月6日08:35点坚持
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  • 沃达丰(Vodafone)协议可能需要圈子细胞注入25150卢比的想法
\"\"KOLKATA | MUMBAI: The Aditya Birla Group<\/a> needs to pump in cash to raise its stake in Idea Cellular<\/a> or the combined entity to have equal rights in a telecom joint venture with UK’s Vodafone<\/a> Group, analysts said, adding that the Indian conglomerate may have to shell out around $3.5 billion (Rs 25,150 crore) for a structure that could see the two hold 37.5% each. They add that another option is for a strategic investor to buy a portion of the UK telecom major’s stake to reduce it to match the Birla group<\/a>’s holding.
\n
Meanwhile, parallel talks are believed to be on for major shareholder Axiata<\/a> to reduce its holdings from about 20% in Idea in favour of the Indian group before any merger, a person familiar with the matter said.
\n
\nExcluding its 42% stake in Indus Towers, Vodafone India, the country’s No. 2 telco, is valued at close to Rs 50,000 crore, as per analysts, 1.2-1.3 times the third-ranked Idea’s market cap, which was over Rs 39,000 crore at close of trade February 3. The Birla group owns roughly 42% of Idea Cellular. The Vodafone Group is a 100% owner of its Indian unit.
\n
\nBrokerage HSBC expects \"Vodafone Group Plc and Idea’s promoter Aditya Birla Group will end up with 37.5% each” in the merged entity, while analysts at Credit Suisse peg their initial respective shareholdings at 39% each, both on the assumption that the Birlas will infuse sizeable equity capital in the combined entity to level its stake with Vodafone’s. Brokerage Credit Suisse estimates that the Birla group’s requisite equity infusion into the Vodafone-Idea merged entity could range between \"$2.39 billion and $3.72 billion, depending on Idea’s stock price”.
\n
\n\"\"
\nSURGING STOCK<\/strong>
\nThe Aditya Birla Group though faces a Catch-22 situation, in that the more its stock price jumps amid ongoing merger talks, the more it would need to cough up to ensure shareholding parity with Vodafone. In a little over two weeks, the Idea scrip has shot up nearly 62% from Rs 67.5 (on January 18) to Rs 109.20 on BSE on February 3.
\n
\nAt Rs 77 per share for Idea, the Birla Group would need to put in nearly $2.4 billion to keep its stake at 39%; at Rs 100, $3.1 billion; at Rs 110, $3.4 billion; and at Rs 120, $3.72 billion, according to Credit Suisse estimates. It added that the high equity infusion may lead to some questioning of \"the deal logic from the group’s perspective”.
\n
\nIdea’s minority shareholders, including Malaysia’s Axiata, analysts said, would own the remaining stake. In case of an initial structure of 39% each, Vodafone and Aditya Birla Group would need to bring it down to 37.5% each to conform to rules which require minority shareholders in a listed entity to hold a minimum 25%.
\n
\nAs per the shareholders’ pact, Axiata has the right to keep its holding at around the current levels, in case of an issue of shares by the Indian telco.
\n
\nA Vodafone Group Plc spokesman said the company \"has nothing further to say at this stage” (beyond the January 30 announcement), and would not be commenting to ET’s queries. Queries to Idea Cellular and Axiata did not elicit a response at press time.
\n
\nSTRATEGIC INVESTOR<\/strong>
Industry<\/a> insiders added that a strategic investor option could also be on the table to bridge the valuation gap with Vodafone, which has more users and revenue than Idea, which is more efficiently run and has been growing faster. An industry executive added that the advent of a strategic investor would make it easier for the UK company to justify its equal rights merger strategy to shareholders, despite being the larger entity.
\n
\nAnalysts at HSBC suggest that another possible solution could be Vodafone picking up a higher stake but agreeing to let the Birla group have equal control over the merged operation. Brokerage Credit Suisse, however, feels such a pact \"would be difficult to justify economically”.
\n
\nVodafone and the Birla group said on January 30 that they were in talks to merge Vodafone India, excluding its stake in Indus, and Idea in an allshare transaction that would create the country’s largest mobile phone company by subscribers and revenue market share if the deal goes through. Vodafone also said a merger would be effected through the issue of new shares in Idea to Vodafone, which would result in the UK telco separating its India unit.
\n
Vodafone Group CEO Vittorio Colao subsequently said merger talks with Idea’s promoters were aimed at creating a self-funded Indian joint venture with equal rights to take on the competitive threat posed by Reliance Jio<\/a> Infocomm, led by India’s richest man, Mukesh Ambani.
\n
\nJio’s free voice and data services have already hit market leader Bharti Airtel, which reported a 55% fall in its third-quarter net profit to Rs 504 crore. Vodafone India reported a 1.9% drop in service revenue in the December quarter to Rs 10,556 crore, stung by competitive headwinds. No 3 carrier Idea too is expected to fare poorly in the December quarter, with some analysts estimating its first ever net loss.\n\n<\/body>","next_sibling":[{"msid":56992967,"title":"Telecom operator-assisted drive tests to check call drops soon: Trai","entity_type":"ARTICLE","link":"\/news\/telecom-operator-assisted-drive-tests-to-check-call-drops-soon-trai\/56992967","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":56992998,"entity_type":"ARTICLE","title":"Vodafone deal may require Birlas to pump Rs 25,150 crore into Idea Cellular","synopsis":"Aditya Birla Group may have to cough up nearly Rs 25,150 crore to match Vodafone\u2019s possible 37.5% stake in merged entity.","titleseo":"telecomnews\/vodafone-deal-may-require-birlas-to-pump-rs-25150-crore-into-idea-cellular","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}},{"author_name":"Devina Sengupta","author_link":"\/author\/479212895\/devina-sengupta","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479212895.cms?width=100&height=100","author_additional":{"thumbsize":false,"msid":479212895,"author_name":"Devina Sengupta","author_seo_name":"devina-sengupta","designation":"Senior Assistant Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2017-02-06 08:35:06","lastupd":"2017-02-06 08:37:53","breadcrumbTags":["Vodafone","industry","Aditya Birla Group","Idea Cellular","Birla group","Axiata","Reliance Jio"],"secinfo":{"seolocation":"telecomnews\/vodafone-deal-may-require-birlas-to-pump-rs-25150-crore-into-idea-cellular"}}" data-news_link="//www.iser-br.com/news/vodafone-deal-may-require-birlas-to-pump-rs-25150-crore-into-idea-cellular/56992998">