“The company will meet global fixed income investors on or after February 23, following which and subject to market conditions, it will take a final decision w.r.t. issuance of foreign currency bonds/ notes, and a deal may or may not follow,” Airtel said in an exchange filing Monday.
Bharti Airtel rose 0.46% to Rs 596.80 after the company said that it will acquire a Warburg Pincus affiliate s 20% equity stake in its DTH arm Bharti Telemedia for a total consideration of approximately Rs 3,126 crore.
The telecom company s board has approved the issuance of upto 3.64 crore equity shares of the company at Rs 600 per share; and up to Rs 1037.80 crore in cash.
The proposed transaction is part of Airtel s strategy to align the shareholding of its customer facing products, services and businesses under the same holding group. A full control and ownership over Bharti Telemedia would allow Airtel to offer differentiated and converged solutions to customers so as to promote One Home strategy.
Synopsis
The telco reported a narrower net loss for the quarter, while its key parameters such as average revenue per user, minutes of use and subscriber base continued to trail rivals Bharti Airtel and Reliance Jio. Its shares closed 2.3% lower at Rs11.80 on the BSE Tuesday.
Agencies
Kolkata:
Vodafone Idea (Vi) will deploy cash from its upcoming Rs 25,000 crore fundraise to boost 4G coverage in its 16 priority circles to effectively combat Reliance Jio and
Bharti Airtel and rein in customer losses.
Vi’s top management, at a quarterly earnings call, said the upcoming “fund raise capital would be used to increase coverage in the 16 priority circles, which contribute to 94% of the telco’s revenues,” BofA Securities, which participated in the call, said in a note seen by ET.
NEW DELHI: Mini Ratna RailTel Corporation of India, which is among the largest neutral telecom infrastructure providers in India, is hitting the market with an Rs 820-crore initial public offer (IPO) on Tuesday.
The last railway IPO that hit the Street of IRFC had a weak market debut. But grey market trends suggest investors are betting big on the forthcoming offering.
A wholly-owned government subsidiary under the administrative control of the Ministry of Railways, RailTel offers a diversified portfolio of services and solutions. As of Jan. 31, it had exclusive rights over 67,415 route kilometers, connecting 7,321 railway stations, for laying optical fiber cable. The company offers a high capacity bandwidth of up to 800G at 87 locations in India.