Vodafone Idea, which holds 11.15 per cent stake in Indus Towers, plans to cash out at the time of merger against a cash consideration of around Rs 4,040 crore. Vodafone Idea has 11.15 per cent and the remaining 4.85 per cent is with private equity firm Providence. The local arm of Vodafone Group Plc disposed of the 11.15% holdings in Indus Towers Ltd. to existing shareholders, the company said in a filing late Thursday. and Idea Cellular. Vodafone Idea sold its stake in infrastructure unit Indus Towers for INR37.6 billion ($507.2 million) as the debt-ridden operator looked to ease its financial burden. With the Indus Towers merger ahead and long-term growth prospects improving, we raise our target price from Rs 207 to Rs 265 based on 7x EV/Ebitda, and we reiterate a BUY rating." As Indus Towers is an unlisted entity the equity value of the company is derived using the valuation multiple of the listed Bharti Infratel. Indus Towers is currently jointly owned by Bharti Infratel and Vodafone, who own 42% each, Idea Group (11.15%) and Providence Equity Partners, who hold4.85%. It may be recalled that June 24 is the long-stop date for the proposed merger. Indus Towers — the entity that emerged from the combination of the ‘old’ Indus Towers and Bharti Infratel, and in which Vodafone now holds a 28.12% share — seems to have spent much of its first three months introducing its management team and unveiling central pillars of its infrastructure, including a “NextGen” tower operations centre (TOC). The telco desperately needs cash to invest top dollars to expand its 4G network to catch up with Bharti Airtel and Reliance Jio and pay its adjusted gross revenue (AGR) dues. Vodafone Group Plc had announced on September 1, 2020 that it had agreed to proceed with the merger of Indus Towers Limited and Bharti Infratel … Indus Towers will operate a network of 163,000 mobile towers, the masts that transmit the radio frequencies used by cellphone services. 5 October 2020 UPDATE ON THE MERGER OF BHARTI INFRATEL AND INDUS TOWERS Vodafone Group Plc ("Vodafone") announced on 1 September 2020 that it had agreed to proceed with the merger of Indus Towers Limited ("Indus Towers") and Bharti Infratel Limited ("Bharti Infratel", together the "Combined Company ").The agreement to proceed was conditional on consent for a security package … Vodafone Group may sell small stake in Indus Towers to inject capital into Vi 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. Vodafone Idea rose 3.13% to Rs 9.56 after the company received Rs 3,760.10 crore cash for its 11.15% stake sale in Indus Towers, whose merger with Bharti Infratel has been completed. Its long-term business concerns still remain an overhang for Indus Towers," the note added. The new Indus Towers board will have 11 members - three each from Bharti Airtel and Vodafone, one from KKR KKR.N or Canada Pension Plan Investment Board (CPPIB) as well as four independent members. The US-based asset management firm is also likely to join Vodafone Idea in selling stakes in Indus Towers for around Rs 2,000 crore. Vodafone has been issued with 757.8 million shares in the Combined Company in exchange for its 42% shareholding in Indus Towers which is equivalent to a 28.1% shareholding in the Combined Company. The local arm of Vodafone Group disposed of the 11.15 per cent holdings in Indus Towers to existing shareholders, the company said in a filing late Thursday. Indus Towers, the world’s largest telecom tower company with over 120,000 towers, is also up for changes. a joint venture between Bharti Infratel, Vodafone, and Aditya Birla Telecom. on Thursday announced foray into integrated Internet of Things (IoT) space for enterprises segment as it looks to transform itself from a traditional connectivity service provider to a technology company. Now, it appears, the main shareholders, Bharti Group and Vodafone, are going for a share-swap arrangement. Sales on the other hand came in at Rs 41 bn (up 143.6% YoY). However, Vodafone Idea remains a large client for Indus Towers and the tower sharing business has limited business case for single tenancy operations, it observed. As per the original deal terms, Bharti Infratel was to issue 1,565 new shares for every share in Indus, implying a 5-10% valuation discount for Indus. Indus Towers: Joint venture of Bharti Airtel, Vodafone Essar, and Idea Cellular ... and Idea Cellular are looking to sell off some tower assets. The following table shows the top 10 ISPs in India by total subscriber base as of 31 March 2020. Towers, Dalal Street, Mumbai – 400 001 : Dear Sirs, Sub: Update on Bharti Infratel and Indus Towers Merger . Vodafone Idea holds an 11.15% stake in Indus Towers. Indus Towers Ltd. Q4 FY21 operating performance was marginally better led by higher tower/tenants additions. Negative energy spread for fourth quarter is a dampener. However, the announced merger between the tower companies gives Vodafone Idea the option to sell its 11.15 percent stake in Indus Towers to Bharti Infratel before the merger. Indus Towers … Its long-term business concerns still remain an overhang for Indus Towers," the note added. He joined Vodafone in December 1992 and has held a number of senior executive positions in Vodafone including that of group technology financial director, interim CFO of Vodafone India, Vodafone plc group internal audit director and CFO for Africa, Middle East and Asia Pacific region. As analysts from Ambit Capital Pvt. When the merger was announced, Vodafone Idea was supposed to get ₹ 6,500 crore for its 11.15% stake in Indus Towers, while now it … Vodafone will also explore strategic options for its 42% stake in Indus Towers; potential options include either a partial or a full disposal. Get AGC Networks Ltd. live share price, historical charts, volume, market capitalisation, market performance, reports and other company details. Bharti Airtel announced the much-anticipated merger of its tower subsidiary with Indus Towers, a three-way tower venture controlled by Bharti Airtel, Vodafone and Idea Cellular. Vodafone Idea has made a prepayment of Rs 2400 crore to the merged tower entity from the … 9 talking about this. After the Indus Towers-Bharti Infratel merger is complete, the UK-based company will have a 29.4% stake in the resultant entity. According to Infratel the likely ownership structure of the merged towers entity is based on cash consideration chosen by VIL for its 11.15 percent shareholding in Indus which is based on an agreed formula. Against all odds, an official announcement was made by Bharti Infratel on August 31, 2020. The Board of Directors of the company had approved the proposed merger with Indus Towers. The company approached the National Company Law Tribunal (NCLT) to ensure that the merger goes through necessary legal proceedings. However, the sustainability of these yields is dependent on the survival of the Vodafone Idea in its current form. Vodafone Idea holds 11.15 per cent stake in Indus Towers, which is estimated to be valued at around Rs 4,000 crore. New Delhi, Oct 5 : Vodafone Group Plc on Monday said that its lenders have given their consent for the merger of Indus Towers and Bharti Infratel. The US-based asset management firm is also likely to join Vodafone Idea in selling stakes in Indus Towers for around Rs 2,000 crore. There are also reports that a … Revenue/Ebitda/adjusted profit after tax grew by 2.9/19.6 /38.3% YoY. For more information, please contact: Vodafone Group Plc had announced on September 1, 2020, that it … Indus Towers is a three-way joint venture among Bharti Infratel, UK-based Vodafone Group and Vodafone Idea. Ref: Vodafone Idea Limited (the “Company”) (IDEA / 532822) Further to our communication dated 24 June 2020 in relation to the merger of Indus Towers Limited (in which the Company is holding 11.15% equity stake) with Bharti Infratel Indus Towers is jointly owned by Bharti Infratel, Vodafone Plc. Vodafone has agreed to complete the merger of Indus Towers and Bharti Infratel in a long-delayed deal that would value its stake in the combined company at about €1.7bn (£1.5bn). Contents hide 1 Merger of Indus Towers and Bharti Infratel 1.1 Security Package 1.1.1 To approach the National Company Law Tribunal ( NCLT) Merger of Indus Towers and Bharti Infratel Vodafone Group Plc said on Monday that lenders have given their approval for the merger of Indus Towers and Bharti Infratel. “They had received an approval from its lenders, who contributed in funding for Vodafone idea, to proceed with the merger […] Motilal Oswal Institutional Equities in its recent note on Indus Towers' financial results said revenue remains in line, amid improving tenancy additions. On September 1, Vodafone Group … Vodafone Idea. New Delhi, Oct 5 | Vodafone Group Plc on Monday said that its lenders have given their consent for the merger of Indus Towers and Bharti Infratel. For the quarter ended December 2020, INDUS TOWERS has posted a net profit of Rs 7 bn (up 70.0% YoY). Vodafone Idea will divest its entire 11.15% stake in the merged entity, which will also be called Indus Towers. Vodafone Idea has been in talks to sell its 11.5% stake in Indus Towers to Bharti Infratel in an all-cash transaction for quite some time now. Apply Mobile Tower Installation Company We Provide All Mobile Tower Installation Services. As analysts from Ambit Capital Pvt. Indus Towers recently reported a 38 per cent rise in consolidated net profit to … However, a sale to ATC will keep the Indus operations ‘neutral’ for Idea and Vodafone. Indus Towers Limited has over 172,094 towers and 314,106 co-locations (as on 30 September 2020) and a nationwide presence covering all 22 telecom circles. As per the agreement, Vodafone Idea has sold 11.15 per cent stake in Indus … Vodafone Group Plc had announced on September 1, 2020 that it had agreed to proceed with the merger of Indus Towers Limited and Bharti Infratel … Vodafone lenders give green signal to the merger of Indus Towers and Bharti Infratel As per the agreement agreed, Vodafone will sell its 11.15% stake in Indus for cash. Vodafone Idea's long-term biz concerns remain an overhang for Indus Towers: Report. The original plan involved Bharti Infratel acquiring Vodafone Idea’s entire 11.15 percent stake in Indus Towers for about $594 million. In 2017, reports suggested that Bharti Infratel, who already owns 42% of Indus Towers, was looking to acquire the 53% stake in Indus Towers, currently owned by Vodacom Group Plc. Vodafone Idea, which holds 11.15% stake in Indus Towers, plans to cash out at the time of merger against a cash consideration of around Rs 4,040 crore. Broadband is defined as "an always-on Internet connection with download speed of 512 kbit/s or above." According to the contours of the deal announced in 2018, Indus Towers and Bharti Infratel will merge into a single entity called Indus Towers Ltd and Vodafone Idea could opt … Bharti Infratel is looking to acquire partial or full stake in Indus Towers. Vodafone Idea has been in talks to sell its 11.5% stake in Indus Towers to Bharti Infratel in an all-cash transaction for quite some time now. Bharti Infratel, which also held a 42% stake, will now own 68.6%. Vodafone Idea Ltd (VIL) will cash in by selling its 11.15 percent stake in Indus Towers for an approximate Rs 4,000 crore, Infratel said. Sales on the other hand came in at Rs 41 bn (up 143.6% YoY). However, Vodafone Idea won’t receive all that cash. Vodafone Idea has 11.15 per cent and the remaining 4.85 per cent is with private equity firm Providence. ... Indus Towers 245.20 0.64%. The telco holds 11.15 per cent stake in Indus Towers, which is estimated to be valued at around Rs 4,000 crore. On September 1, Vodafone Group had announced that it had agreed to proceed with the proposed merger. Promoters of the merged entity, Bharti Airtel and Vodafone Group currently hold 41.73% and 28.12% share in Indus Towers respectively. "VIL is facing a severe liquidity risk due to its huge cash obligations. For the quarter ended December 2020, INDUS TOWERS has posted a net profit of Rs 7 bn (up 70.0% YoY). However, in July, the head of Vodafone stated that they were "actively considering" a float of their stake in Indus Towers. Meanwhile, Indus Towers’ fate is closely tied to the health of its large client, Vodafone Idea Ltd (VIL). Indus Towers’ Q4 satisfactory, but fortunes hinge on Vodafone Idea’s survival MUMBAI: The March quarter (Q4FY21) results of Indus Towers Ltd, formerly Bharti Infratel Ltd, results were not impressive, but they were not too bad either. Vodafone Group Plc had announced on September 1, 2020 that it had agreed to proceed with the merger of Indus Towers Limited and Bharti Infratel Limited (Bharti Infratel, together the 'combined company'). India's Largest Tower Company. However, Vodafone Idea remains a large client for Indus Towers and the tower sharing business has limited business case for single tenancy operations, it observed. " Vodafone has agreed to merge its 42% shareholding in Indus Towers into Bharti Infratel. Indus Towers will operate a network of 163,000 mobile towers, the masts that transmit the radio frequencies used by cellphone services. Indus Towers is currently jointly owned by Bharti Infratel (42%), Vodafone (42%), Idea Group (11.15%) and Providence (4.85%). As 11the combined company will be jointly controlled by Vodafone and the Aditya Birla Group, Vodafone will deconsolidate Vodafone India immediately. In April 2018, Bharti Airtel, Idea Cellular and Vodafone Group had announced an agreement for the merger of Indus Towers and Bharti Infratel. BHARTI INFRATEL Announces Quarterly Results (1QFY21); Net Profit Down 35.5% (Quarterly Result Update) Indus Towers is a three-way joint venture among Bharti Infratel, UK-based Vodafone Group and Vodafone Idea. New Delhi: The 5G opportunities and growth momentum cited by Indus Towers ' management notwithstanding, the long-term business concerns of large client Vodafone Idea remain an overhang for the tower company, according to a report. Vodafone Idea Ltd VODA.NS will cash out its 11.15% stake for an approximated 40 billion rupees ... Bharti Infratel Ltd
will go ahead with its long-delayed merger with Indus Towers… Indus Towers is a joint venture between Bharti Infratel, UK-based Vodafone Group Plc and Vodafone Idea. Bharti Infratel and Indus Towers have overlapping operations in four circles - Haryana, Uttar Pradesh and Rajasthan. The number of internet users is 743.19 million, out of which 55.75 million are narrow band subscribers and 687.44 million are broadband subscribers. The telco desperately needs cash to invest top dollars to expand its 4G network to catch up with Bharti Airtel and Reliance Jio and pay its adjusted gross revenue (AGR) dues. Bharti Infratel in its meeting on August 31 decided to proceed with the scheme of arrangement between Indus Towers and Bharti Infratel Limited. As per theagreement, Vodafone Idea will sell 11.15 per cent stake in Indus for Rs 4,000 crore, the company said. Vodafone-Idea shares were up nearly 5% today morning after the telecom player completed the sale of its stake in Indus Towers for ₹3,760.1 crore in cash. Dollar firm amid US yield spike; bitcoin back below $60,000 following surge to record high Vodafone went on to deliver a formal mandate to both Bank of America-Merrill Lynch and Morgan Stanley to finalize buyers. Bharti Infratel in its meeting on August 31 had decided to proceed with the merger with Indus Towers. Meanwhile, Indus Towers’ fate is closely tied to the health of its large client, Vodafone Idea Ltd (VIL). Providence shareholders of Indus Towers have been given an option to exit. Vodafone Idea holds 11.15% stake in Indus Towers, which is worth around Rs 4,000 crore. UK’s Vodafone Group Plc owns about 45% of the telco and a 42% stake in Indus Towers. Read on for a complete analysis of INDUS TOWERS's quarterly results. Vodafone’s idea holds 11.15 percent share in the Indus Towers, the estimated value would be around Rs 4,000 crores. The board of Bharti Infratel is set to meet on Wednesday to discuss the merger with Indus Towers. Prior to the pending merger, Infratel (Bharti Airtel India’s tower unit) and Vodafone each hold a 42% stake in Indus Towers, while Vodafone Idea (now rebranded as “Vi”) owns 11.15%.The merger of Infratel’s separate tower business with Indus envisages the creation of the world’s largest mobile infrastructure business outside of China, with a total of 163,000 towers. Indus Towers to reduce leverage in the combined company. BHARTI INFRATEL Announces Quarterly Results (1QFY21); Net Profit Down 35.5% (Quarterly Result Update) The transaction will be structured as follows: a) Indus Towers will be merged with and into Bharti Infratel through a scheme of arrangement. Vodafone Group Plc had announced on September 1, 2020 that it had agreed to proceed with the merger of Indus Towers Limited and Bharti Infratel Limited (Bharti Infratel, together the 'combined company'). Provident Equity Partners (PEP), which was an investor in Indus Towers, will be issued 3.2% fresh shares in the combined entity. Read on for a complete analysis of INDUS TOWERS's quarterly results. After the transaction, Bharti Infratel Ltd. will own 36.7% of Indus Towers, British operator Vodafone 28.1%, with the rest held by investors including KKR & Co. and Canada Pension Plan Investment Board. However, Vodafone Idea won’t receive all that cash.
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