Highlights
Approved in-principle induction of private equity investor
To dilute 26% stake in company
To sell stake at premium to the prevailing market price
To pursue appropriate strategic combination /consolidation opportunities
To sell 53.66 cr shares in investor
Why stake sale
Stake sale will bring down the debt burden of the companies
RCom currently has Rs 30000 cr of net debt
Net debt to Operating profit ratio for RCom reached closed to 4 times
Approved in-principle induction of private equity investor
To dilute 26% stake in company
To sell stake at premium to the prevailing market price
To pursue appropriate strategic combination /consolidation opportunities
To sell 53.66 cr shares in investor
Why stake sale
Stake sale will bring down the debt burden of the companies
RCom currently has Rs 30000 cr of net debt
Net debt to Operating profit ratio for RCom reached closed to 4 times
Higher debt to Operating profit ratio act as deterrent to raise money
Debt ratio reached elevated level due to 3G auction
Debt Repayment Schedules | |||
Maturity Date | Type | AmountPayable ($ Mn) | Amt Payable (Rs cr) |
Mar-11 | ECB | 280 | 1288 |
May-11 | FCCB | 374 | 1720.4 |
Sep-11 | ECB | 116 | 533.6 |
Feb-12 | FCCB | 1219 | 5607.4 |
Total | 1989 | 9149.4 | |
Stake sale impact
Promoter stake to reduce to 41.58% from current 67.58%
To raise over Rs 9,000 cr via 26% stake sale
Stake sale to value RCom at approx Rs 34,500-38,000 cr
Every 1% premium from Friday price to garner additional Rs 90 cr
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