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Citi Research maintained its positive outlook on Vodafone Idea, as well as Indus Towers, betting on further subscriber additions.
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The Government of India's shareholding in Vodafone Idea will increase from 22.6 percent to 48.99 percent following the conversion of dues into shares worth Rs 36,950 crore.
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The telecom department (DoT) had directed the struggling telecom operator to either furnish the guarantee or make a cash payment of Rs 5,493 crore by March 10.
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Now, telcos have no other option but to rely on the government for another relief package. Moneycontrol reported on January 18 that the government is considering proposals to relax AGR dues, which could significantly reduce the financial burden on telcos
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Vodafone Idea, says Akshaya Moondra, has restarted discussions with banks for debt-funding but banks are also looking at some clarity on the AGR front and final position of the government.
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Vi is partnering with global leaders such as Ericsson, Nokia, and Samsung to drive a transformative three-year investment plan, Moondra said
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Vodafone Plc exited from Indus Towers on December 5 by selling a 3 percent stake for Rs 2,802 crore. It will first be used to repay lenders' outstanding of $101 million, and the rest $233 million will partly clear Vodafone Idea’s past dues of Rs 3,600 crore
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If approved by the Cabinet, Vodafone Idea will be the primary beneficiary. The telco is expected to arrange bank guarantees of Rs 24,700 crore over the next few months
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The debt-laden telecom operator recently onboarded Samsung to replace 4G deployment by Huawei and ZTE as part of its three-year capex plan
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The company has continued with its existing long-term partners, Nokia and Ericsson, and has onboarded Samsung as a new partner.
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Goldman Sachs believes Vodafone Idea will be unable to stop the relentless erosion of its market-share, despite its recent capital raise.
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According to shareholding data, promoters trimmed their holdings in Vodafone Idea to 37.2 percent by July 19, while FIIs and retail investors have been upping their stakes.
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Citi noted that the Supreme Court's move could be a material development on the long-pending matter.
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VI today, is definitely in a better position, than it was six months ago – now treading a clear path to survival, which was completely missing before, said Nuvama.
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Telecom operator Vodafone Idea’s board has approved a Follow-on Public Offering (FPO) of equity shares of up to Rs 18,000 crore. The floor price for the mega offer has been set at Rs 10 and the cap at Rs 11 per equity share. This is at a discount of about 26% compared to recently approved preferential issue price to the promoter entity at Rs 14.87 and a discount of about 15% compared to last closing price.
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Vodafone Idea will fun raise up to Rs 2,075 crore from Oriana Investments, an Aditya Birla Group entity.
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Indian equity markets are poised for some volatility in yet another truncated trading week. Gift Nifty is looking at a positive start as investors shift focis of Q4 earnings which will kick of on April 12. Stocks in focus will be wipro, VI, titan among others. Moneycontrol's Stacy Pereirs speaks with Prashant Sawant-Founder Catalyst Wealth & Prakash Diwan, Market Expert on Opening Bell.
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Indian equity market looked strong given the healthy recovery from 21-day EMA (exponential moving average) and continuation of higher highs formation for seven days in a row. 22,300 is expected to be an immediate hurdle for the Nifty50 on the higher side followed by 22,500 mark, while immediate support at 22,000 and crucial at 21,875, the low of February 22, experts said. On February 22, the benchmark BSE Sensex rallied 535 points to 73,158, while the Nifty 50 gained 163 points to end at a record closing high of 22,218. This morning global cues are extremely encouraging with Wall Street notching a fresh record after Nvidia’s stellar rally. The GIFT Nifty indicates new highs as it signals open above 22,300. Among stocks in focus will be Vodafone Idea, Angel One, IRCTC & Paytm and among others. Catch Nandita Khemka in conversation with Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One and Preeyam Tolia, Senior Research Analyst - FMCG & Retail, Axis Securities
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Vodafone Idea stock has more than doubled investors' wealth over the past six months, gaining 137 percent. In comparison, the frontline index Nifty 50 has risen around 12 percent during this period.
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India telecom news: Given the sustained rally in the share price of the company in the past six months potential investors feel that there may not be much upside left for a convertible structure transaction.
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The government does not intend to stay in it for long, and will look for an exit route once the share price is above Rs 10.
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Vodafone Idea will be converting Rs 16,133 crore of debt into equity. After the conversion, the government will own 1613 crore shares in the firm, which roughly translates into 33 percent stake.
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The company has been directed to issue 1,613 crore equity shares of the face value of Rs 10 each at an issue price of Rs 10 each, it said.
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Vodafone Idea owes Rs 7,000 crore to Indus Towers and had agreed to pay the dues by July 2023
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The matter relating to loans and raising funds has been in discussion for a while as lenders have sought clarity on the government's potential shareholding in Vi, as well as the telco's business scale-up plans.
