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. Vodafone Idea holds 11.15% stake in Indus Towers, which is worth around Rs 4,000 crore. 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. Hindustan Zinc 344.55-0.01%. 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 is a three-way joint venture among Bharti Infratel, UK-based Vodafone Group and Vodafone Idea. Providence shareholders of Indus Towers have been given an option to exit. 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. Indus Towers is a three-way joint venture among Bharti Infratel, UK-based Vodafone Group and Vodafone Idea. Vodafone Idea NSE 0.00 % sold its 11.15% stake in Indus for a cash consideration of Rs 3,760.1 crore. 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 … Now, it appears, the main shareholders, Bharti Group and Vodafone, are going for a share-swap arrangement. Bharti Infratel in its meeting on August 31 had decided to proceed with the merger with Indus Towers. Get AGC Networks Ltd. live share price, historical charts, volume, market capitalisation, market performance, reports and other company details. 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. The value of the Group's 42 per cent shareholding in Indus Towers Limited ('Indus') is, in part, dependent on the income generated by Indus from tower rentals to major customers, including VIL. “The agreement to proceed was conditional on consent for a security package for the benefit of the Combined Company (the “Security … Vodafone Idea. Vodafone will also explore strategic options for its 42% stake in Indus Towers; potential options include either a partial or a full disposal. On September 1, Vodafone Group had announced that it had agreed to proceed with the proposed merger. Dollar firm amid US yield spike; bitcoin back below $60,000 following surge to record high Vodafone Group Plc ("Vodafone") announced on 1 September 2020 that it had agreed to proceed with the merger of Indus Towers Limited ("Indus Towers… 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. BHARTI INFRATEL Announces Quarterly Results (1QFY21); Net Profit Down 35.5% (Quarterly Result Update) Indus Towers Ltd. Q4 FY21 operating performance was marginally better led by higher tower/tenants additions. Bharti Infratel is looking to acquire partial or full stake in Indus Towers. Indus Towers is a joint venture between Bharti Infratel, UK-based Vodafone Group Plc and Vodafone Idea. 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. 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. VIL is facing a severe liquidity risk due to its huge cash obligations. 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 … As per the agreement, Vodafone Idea has sold 11.15 per cent stake in Indus … The medium-term risk for the company are with-respect-to survivability of Vodafone … Vodafone Idea's long-term biz concerns remain an overhang for Indus Towers: Report. Vodafone Group Plc had announced on September 1, 2020, that it … 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. Vodafone has agreed to merge its 42% shareholding in Indus Towers into Bharti Infratel. Meanwhile, Indus Towers’ fate is closely tied to the health of its large client, Vodafone Idea Ltd (VIL). and Idea Cellular. As analysts from Ambit Capital Pvt. "The agreement to proceed was conditional on consent for a security package for the benefit of the combined company from Vodafone's existing lenders, for the 1.3 billion euros (about … The board of Bharti Infratel is set to meet on Wednesday to discuss the merger with Indus Towers. 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. Broadband is defined as "an always-on Internet connection with download speed of 512 kbit/s or above." Sales on the other hand came in at Rs 41 bn (up 143.6% YoY). Indus Towers to reduce leverage in the combined company. It may be recalled that June 24 is the long-stop date for the proposed merger. 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. Ebitda was better than expected due to lower other expenses. Indus Towers is currently jointly owned by Bharti Infratel (42%), Vodafone (42%), Idea Group (11.15%) and Providence (4.85%). 9 talking about this. 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. Read on for a complete analysis of INDUS TOWERS's quarterly results. 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. Apply Mobile Tower Installation Company We Provide All Mobile Tower Installation Services. As Indus Towers is an unlisted entity the equity value of the company is derived using the valuation multiple of the listed Bharti Infratel. However, Vodafone Idea won’t receive all that cash. 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 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'). 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. The following table shows the top 10 ISPs in India by total subscriber base as of 31 March 2020. UK’s Vodafone Group Plc owns about 45% of the telco and a 42% stake in Indus Towers. 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. Bharti Airtel is keen to acquire the Indus portfolio. Vodafone Idea has 11.15 per cent and the remaining 4.85 per cent is with private equity firm Providence. Vodafone Idea will divest its entire 11.15% stake in the merged entity, which will also be called Indus Towers. After the Indus Towers-Bharti Infratel merger is complete, the UK-based company will have a 29.4% stake in the resultant entity. Vodafone Idea has made a prepayment of Rs 2400 crore to the merged tower entity from the … 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. “They had received an approval from its lenders, who contributed in funding for Vodafone idea, to proceed with the merger […] Vodafone Idea holds 11.15 per cent stake in Indus Towers, which is estimated to be valued at around Rs 4,000 crore. 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. 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'). Indus Towers Positive About Vodafone Idea Survival Indus Towers managing director said that the spectrum acquired in March, 2021, auctions will be … An investment in Indus Towers could also be financially justified by the attractive 6-7% dividend yields it offers. There are also reports that a … Meanwhile, Indus Towers’ fate is closely tied to the health of its large client, Vodafone Idea Ltd (VIL). 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… For more information, please contact: For the quarter ended December 2020, INDUS TOWERS has posted a net profit of Rs 7 bn (up 70.0% YoY). The original plan involved Bharti Infratel acquiring Vodafone Idea’s entire 11.15 percent stake in Indus Towers for about $594 million. Its long-term business concerns still remain an overhang for Indus Towers," the note added. Bharti Airtel and Vodafone Group will […] Vodafone’s stake in Indus Towers will reduce from 42% to 28.2% with the merger. Indus Towers will operate a network of 163,000 mobile towers, the masts that transmit the radio frequencies used by cellphone services. 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." 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 will operate a network of 163,000 mobile towers, the masts that transmit the radio frequencies used by cellphone services. Its long-term business concerns still remain an overhang for Indus Towers," the note added. The merger process of Bharti Infratel and Indus Towers to create a mega tower company has been completed, and Vodafone Idea has received Rs … 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'). 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. Vodafone Group on Monday said that it has agreed with Bharti Airtel and Vodafone India to continue with the completion of the merger between Indus Towers and … Indus Towers was a three-way joint venture among Bharti Infratel, Vodafone Group and Vodafone Idea. The board may decide whether to go ahead with the merger now or postpone till there is greater clarity on the telecom (AGR) dues that Bharti Airtel needs to pay. 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 Airtel’s mobile tower arm Bharti Infratel and Vodafone hold 42 per cent each in India’s largest mobile tower firm Indus Towers and the rest is held by Idea Cellular. Vodafone Idea: Debt-ridden telecom firm . 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. 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. The transaction will be structured as follows: a) Indus Towers will be merged with and into Bharti Infratel through a scheme of arrangement. Indus Towers is jointly owned by Bharti Infratel, Vodafone Plc. 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 & … Indus Towers, the world’s largest telecom tower company with over 120,000 towers, is also up for changes.
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