Kolkata | Mumbai: Vodafone Group Plc<\/a> is considering selling a small portion of its 28.12% stake in Indus Towers<\/a> to inject capital into its ailing Indian telecom joint venture, Vodafone Idea<\/a> (Vi). This comes even as Vodafone<\/a> Idea’s potential global lenders are pressing the telco's co-promoters — the UK telecom major and India’s Aditya Birla Group<\/a> — for some capital infusion to improve their overall comfort levels, three people with direct knowledge said. 沃达丰集团此前曾表示,它不会注入任何新股本Vi。但其股份将印度塔是一个现有的和单独的telecom-related在印度投资,这可能会让英国电信更容易说服股东,如果需要,人们告诉ET之一。 孟买加尔各答|:沃达丰集团正考虑出售一小部分的28.12%的股份印度塔将资本注入其境况不佳的印度电信合资企业,沃达丰的想法(Vi)。这一切发生沃达丰(Vodafone)想法的潜在的全球银行按电信co-promoters——英国电信主要和印度的Aditya Birla集团——对于一些注资来改善他们的整体舒适度,三个人有直接了解说。 Kolkata | Mumbai: Vodafone Group Plc<\/a> is considering selling a small portion of its 28.12% stake in Indus Towers<\/a> to inject capital into its ailing Indian telecom joint venture, Vodafone Idea<\/a> (Vi). This comes even as Vodafone<\/a> Idea’s potential global lenders are pressing the telco's co-promoters — the UK telecom major and India’s Aditya Birla Group<\/a> — for some capital infusion to improve their overall comfort levels, three people with direct knowledge said.
The Vodafone Group<\/a> has previously said that it would not infuse any fresh equity into Vi. But its stake in the now-listed Indus Towers is an existing and separate telecom-related investment in India, which may make it easier for the British telco to convince shareholders, if required, one of the people told ET.
“With the recent closure of the Infratel-Indus merger, it is definitely an available option to demonstrate the UK co-promoter’s commitment to Vi,” said another person, a senior banker familiar with the discussions.
Indus Towers’ shares closed 1.6% lower at Rs254.25 Wednesday on the BSE, giving it a market capitalisation of Rs 68,519 crore and valuing Vodafone Group’s stake at Rs 19,268 crore.
Over the past three weeks, Vi’s stock has jumped nearly 20% on hopes of the completion of its Rs25,000-crore fundraising via a mix of debt and equity. On Wednesday, Vi shares closed 0.4% higher at Rs 13.37 on the BSE.
A person close to Vi’s potential foreign lenders said formalising the final funding terms, leading to a binding term sheet, is expected next month, but the timeline also depends on how soon one or both promoters signal intent to infuse funds into the cash-strapped Indian telco.
Investment firm Oak Hill Advisors is believed to be leading a consortium including GoldenTree Asset Management, Pacific Investment Management Co, Sixth Street, Twin Point Capital and Varde Partners to provide an around $2 billion (Rs 14,600 crore) credit line to Vi. They are expected to invest through a mix of convertible instruments, comprising bonds and warrants with a linked equity option that will allow them to convert a portion of the debt into shares.
Vodafone Group and Oak Hill spokespersons declined to comment on the matter, while the Aditya Birla<\/a> Group, Vodafone Idea and the potential investors did not respond to ET’s queries till press time Wednesday. Indus Towers also declined to comment.
Following the recent merger of erstwhile Bharti Infratel and Indus Towers, the Vodafone Group now owns 28.12% in the tower entity. Bharti Airtel<\/a> effectively controls the tower company with a 41.72% stake, while private equity firm KKR and Canada Pension Plan Investment Board own a combined 7.1% stake. The balance is held by public shareholders.
<\/p>Read also<\/h4>
![\"Vodafone](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
<\/a><\/figure>Vodafone Idea gets Rs 3,760 crore by selling 11.15% stake in Indus Towers after merger with Infratel<\/a><\/h5><\/div>
<\/a><\/figure>Infratel-Indus merger offers limited synergy savings: Analysts<\/a><\/h5><\/div><\/div><\/div>
The Vodafone Group is believed to be mulling selling only a small part of its holdings in Indus, but is yet to take any firm decision on how much. “It will first need to take its UK shareholders on board before signalling any such intent,” said a person.
Also, the UK parent needs to factor in the fact that it has pledged some of its Indus holding to secure operational payments by Vi for a year to the merged towers entity.
“While some stake divestment in Indus is possible, the Vodafone Group may first need to get the share pledges released by clearing underlying liabilities,” one of the people said.
\"A holder of shares would typically require an NOC from the lenders with whom shares of a particular company are pledged for any transfer,\" said a senior lawyer from a large firm. \"Subject to necessary consents being taken and disclosures, nothing stops any stakeholder from selling its pledged stake in a company,\" the lawyer added.
Lossmaking Vi needs funds urgently to ramp up its 4G operations, arrest a steady loss of subscribers to rivals and clear statutory dues to the government. It has more than Rs 50,000 crore of AGR dues payable to the government over 10 annual instalments through March 31, 2031.
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沃达丰可能印度河的一部分股权出售给基金沃达丰的想法
的沃达丰集团以前曾说,它不会注入任何新股本Vi。但其股份将印度塔是一个现有的和单独的telecom-related在印度投资,这可能会让英国电信更容易说服股东,如果需要,人们告诉ET之一。
印度塔股价周三收低1.6%至Rs254.25疯牛病,给它一个市值68519卢比和评估沃达丰集团的股份在19268卢比。
在过去的三个星期,Vi的股票上涨了近20%的希望完成的Rs25,000-crore通过混合债券和股票融资。周三,六股收涨0.4%,报13.37 Rs疯牛病。
一位接近Vi的潜在外资银行纳入最终的融资条款说,导致一个有约束力的术语表,预计下个月,但是时间也很快就取决于一个或两个启动子信号注入资金的意图的印度电信。
投资公司橡树山GoldenTree顾问被认为是主要的一个财团包括资产管理、太平洋投资管理公司(第六街,双点资本和Varde合作伙伴提供一个约20亿美元(14600卢比)的信贷额度Vi。他们预计投资通过可转换的工具,包括债券和认股权证与股票期权,将允许他们将部分债务转换成股票。
沃达丰集团和橡树山发言人拒绝对此事发表评论,而Aditya Birla)集团沃达丰的想法和潜在投资者没有回应等的查询,直到周三新闻时间。印度塔也拒绝置评。
合并后,昔日的鼓吹和印度塔塔的沃达丰集团现在拥有28.12%的实体。Bharti Airtel有效地控制塔公司41.72%的股份,而私募股权投资公司KKR和加拿大退休金计划投资委员会的联合7.1%的股份。平衡是由公众股东持有。
沃达丰集团被认为是只考虑出售其持有的一小部分在印度河,但尚未采取任何公司决定多少。“这首先需要将其英国股东在董事会之前信号任何这样的意图,”一个人说。
同时,英国父母需要因素这一事实它已经承诺一些印度河持有安全操作六世一年支付的合并后的实体。
“虽然一些股份撤资印度河是可能的,沃达丰集团可能首先需要分享承诺公布的清除潜在的负债,”一位知情人士说。
“股票持有人通常需要的NOC银行与一个特定的公司的股票是承诺对任何转让、“高级律师表示从一个大公司。“受到必要的批准被披露,没有阻止任何利益相关者出售其承诺的股份公司,”这位律师补充说。
亏损的Vi基金迫切需要提高其4 g行动,逮捕稳定的用户损失竞争对手和政府明确法定费。它有超过50000卢比的AGR费支付给政府在10年度分期付款在3月31日,2031年。
The Vodafone Group<\/a> has previously said that it would not infuse any fresh equity into Vi. But its stake in the now-listed Indus Towers is an existing and separate telecom-related investment in India, which may make it easier for the British telco to convince shareholders, if required, one of the people told ET.
“With the recent closure of the Infratel-Indus merger, it is definitely an available option to demonstrate the UK co-promoter’s commitment to Vi,” said another person, a senior banker familiar with the discussions.
Indus Towers’ shares closed 1.6% lower at Rs254.25 Wednesday on the BSE, giving it a market capitalisation of Rs 68,519 crore and valuing Vodafone Group’s stake at Rs 19,268 crore.
Over the past three weeks, Vi’s stock has jumped nearly 20% on hopes of the completion of its Rs25,000-crore fundraising via a mix of debt and equity. On Wednesday, Vi shares closed 0.4% higher at Rs 13.37 on the BSE.
A person close to Vi’s potential foreign lenders said formalising the final funding terms, leading to a binding term sheet, is expected next month, but the timeline also depends on how soon one or both promoters signal intent to infuse funds into the cash-strapped Indian telco.
Investment firm Oak Hill Advisors is believed to be leading a consortium including GoldenTree Asset Management, Pacific Investment Management Co, Sixth Street, Twin Point Capital and Varde Partners to provide an around $2 billion (Rs 14,600 crore) credit line to Vi. They are expected to invest through a mix of convertible instruments, comprising bonds and warrants with a linked equity option that will allow them to convert a portion of the debt into shares.
Vodafone Group and Oak Hill spokespersons declined to comment on the matter, while the Aditya Birla<\/a> Group, Vodafone Idea and the potential investors did not respond to ET’s queries till press time Wednesday. Indus Towers also declined to comment.
Following the recent merger of erstwhile Bharti Infratel and Indus Towers, the Vodafone Group now owns 28.12% in the tower entity. Bharti Airtel<\/a> effectively controls the tower company with a 41.72% stake, while private equity firm KKR and Canada Pension Plan Investment Board own a combined 7.1% stake. The balance is held by public shareholders.
<\/p>Read also<\/h4>
<\/a><\/figure>Vodafone Idea gets Rs 3,760 crore by selling 11.15% stake in Indus Towers after merger with Infratel<\/a><\/h5><\/div>
<\/a><\/figure>Infratel-Indus merger offers limited synergy savings: Analysts<\/a><\/h5><\/div><\/div><\/div>
The Vodafone Group is believed to be mulling selling only a small part of its holdings in Indus, but is yet to take any firm decision on how much. “It will first need to take its UK shareholders on board before signalling any such intent,” said a person.
Also, the UK parent needs to factor in the fact that it has pledged some of its Indus holding to secure operational payments by Vi for a year to the merged towers entity.
“While some stake divestment in Indus is possible, the Vodafone Group may first need to get the share pledges released by clearing underlying liabilities,” one of the people said.
\"A holder of shares would typically require an NOC from the lenders with whom shares of a particular company are pledged for any transfer,\" said a senior lawyer from a large firm. \"Subject to necessary consents being taken and disclosures, nothing stops any stakeholder from selling its pledged stake in a company,\" the lawyer added.
Lossmaking Vi needs funds urgently to ramp up its 4G operations, arrest a steady loss of subscribers to rivals and clear statutory dues to the government. It has more than Rs 50,000 crore of AGR dues payable to the government over 10 annual instalments through March 31, 2031.
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