ESCOTEL, BIRLA AT&T, TATA COMM MAY PREPAY ECBs
Article Abstract:
Escotel Mobile, Birla AT&T and Tata Comm are 3 telecommunication companies. They are considering repaying their foreign debts and getting them refinanced through rupee loans. They have announced financial closure of their projects. Prepayment of foreign debts - external commercial borrowings (ECBs) - is usually not allowed. The Finance Ministry can, however, consider these on a case-to- case basis. The companies are opting for rupee loans since they are less risky and more economical. The fluctuating dollar-rupee exchange rates worry these companies. Also, financial institutions in India are now ready to lend liberally to telecommunication projects. The 3 companies have foreign loans of $100-200 million. Escotel Mobile has an ECB of $130 million. (um)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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BHARTI, SRINIVAS CELLCOM SEEK TO CHANGE EQUITY STRUCTURE
Article Abstract:
Bharti Telenet (BT) and Srinivas Cellcom (SC) have sought the approval of the Government of India to reduce their foreign equity holding in the equity structure. BT is to reduce its foreign exchange holding from 33 percent to 30.2 percent. Now, Stet International SpA holds 11 percent and Stet International NV 22 percent. BT plans to replace Stet International NV by Indian Telecommunication Holding BV of Netherlands, which will be offered 19.2 percent stake (Rs57.6 crore). Consequently, the total foreign shareholding in BT will be 30.2 percent. Century Telephones, the foreign equity partner of SC, plans to route its 10 percent stake through its subsidiary Cellunet India Limited of Mauritius. (gsh)
Comment:
Seeks approval of Government of India to reduce foreign equity holding in equity structure
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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BHARTI ENTERPRISE PLANS TO EXTEND OPEN OFFER
Article Abstract:
Bharti Enterprise (BE) has sought the approval of the Securities and Exchange Board of India (SEBI) to extend its open offer for acquiring shares in Bharti Telecom by one month. Bharti Enterprise is the holding company of telecom ventures of Bharti Group. Bharti Enterprise currently holds 75 percent stake in Bharti Telecom. The open offer will increase its stake to 100 percent. The open offer at Rs95 per share closed on June 16, 1998. The shares were traded at Rs70 and Rs75 in the buy-back period. Several shareholders have complained that they were not aware of the open offer of Rs95 per share. They are keen to sell their shares at Rs95 per share. (rk)
Comment:
Seeks approval to extend open offer for acquiring shares in Bharti Telecom, increasing shares from 75% to 100%
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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