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Airtel’s stake in Bharti Infratel-Indus Towers to reduce to 12.7 per cent, says Credit Suisse

December 24, 2018
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According to Credit Suisse, Bharti Airtel’s stake in the future Bharti Infratel-Indus Towers combined tower entity will reduce to 12.7 per cent after it sells 32 per cent in the listed tower unit.

Earlier, Airtel had announced plans to sell 32 per cent stake in its tower arm, Bharti Infratel, which is in the process of merging with Indus Towers.

As per Credit Suisse, the ownership structure of the combined tower firm will radically change, following Airtel’s decision to sell a sizeable stake in Bharti Infratel.

The sale could generate around Rs 155 billion at current prices for Airtel.

Further, Credit Suisse expects the UK based Vodafone Plc will monetise its 29.4 per cent stake in the combined tower entity and use the proceeds to undertake planned equity funding in Vodafone Idea.

Credit Suisse also estimates the combined Airtel-Vodafone stake in Bharti Infratel-Indus will decline 66.6 per cent to 26.4 per cent from.

Further, Credit Suisse expects upcoming monetisation of Airtel’s Infratel stake to help the telco maintain leverage (net debt to EBITDA) current levels at 4.5x. If not for this monetisation, Airtel’s consolidated leverage would have increased 20 per cent due to the need to deconsolidate Bharti Infratel on completion of Infratel-Indus merger, Credit Suisse said.


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