Vodafone Enters India!

[abhay 0]

Bharti may sell stake to Vodafone -source

Bharti Tele-Ventures Ltd., India's top mobile services firm, may sell a small stake to British telecoms firm Vodafone Group Plc, an industry source told Reuters on Friday.

No other details were available and a Bharti spokesman was not available for comment. A Vodafone spokesman could not be reached immediately.

Vodafone picks up 10% in Bharti Tele for Rs 6,700 cr

Vodafone, world's largest mobile firm, on Friday acquired a 10 per cent stake in Sunil Mittal- promoted Bharti Televentures Ltd for Rs 6,700 crore ($1.5 billion).

This is the single largest foreign investment in India so far. For its 10 per cent stake, Vodafone picked up 5.65 per cent stake from Warburg Pincus and 4.4 per cent through Bharti Enterprises.

With this transaction, Warburg Pincus has now completely exited from BTVL.

Commenting on the development, Sunil Mittal, Chairman and Group Managing Director of Bharti, said: "We are delighted that Vodafone has made a call on the Indian telecom sector and has chosen BTVL to be the vehicle to develop its continuing interest in the Asian region

Vodafone invests Rs 6700 cr in Bharti

World's largest mobile company Vodafone plc's CEO Arun Sarin on Friday called on Prime Minister Manmohan Singh and apprised him of the company's plans for Indian telecom sector.

Sarin told PM that the company had invested Rs 6,700 crore to acquire 10 per cent stake in Sunil Mittal owned Bharti Televentures, according to Prime Minister's media advisor Sanjaya Baru.

The Prime Minister welcomed Vodofone investment in the country and said India would like to see a quantum jump in FDI in all sectors.

Sarin who called on the PM along with Mittal also informed that this is the single largest investment in India in recent weeks and gave an overview of the world telecom scenario and the socio-economic impact of the mobile telephony in the macro economics of the country.

Sarin told Singh that together with Bharti they plan to extend coverage of mobile services to a much greater fraction of the population including remote areas.

Meanwhile, Vodafone also announced a grant of 12 million dollar to Bharti Foundation for the growth of primary education throughout the country. The money will be spent on providing facilities of primary education at all the 23 circles of Bharti Televentures.

Bharti Foundation, promoted by Bharti Enterprises, India's largest private telecom company, believes in enabling people to improve the quality of their lives through education and reinforce their commitment to society as a whole.

lets c what will be the changes will come in indian telecom market after this

am very exicted ! ne1 any speculations reguarding this buyout

< POSTS MERGED >

[RajanPERT 0]

This will give a new definition to Indian Mobile Market. But it is only starting . May be we listen some more byout in coming month. Also in Reliance Info.

Thanks and Take Care!

[abhay 0]

yeah all thats to increase in FDI limit by the govt!

this move by vodafone assures india's lead in the telecom sector

[RajanPERT 0]

Lets see whose next and how the LEFT response in this matter.

Thanks and Take Care!

[amitbt22 2]

By this investment lets hope airtel will improve service quality in networks not just in VAS.

[linuxguy 0]

I hope Vodafone takes drastic steps to speed up broadband penetration in India. Also, hopefully it doesnt impose stupid limits like other operators. Airtel's plans are extremely attractive just hoping that Vodafone will make them even more attractive...

[ashoksoft 83]

and since Vodafone is all about making 3G and WCDMA come into operations ... well that is what they are doing in the UK, competing with 3 to provide Video Calling..

We might as well get to see the same in India!

Cheers

Ashok

[abhay 0]

I hope Vodafone takes drastic steps to speed up broadband penetration in India. Also, hopefully it doesnt impose stupid limits like other operators. Airtel's plans are extremely attractive just hoping that Vodafone will make them even more attractive...

45323[/snapback]

you and even more in mumbai

Why Mittal did not stick to his words?

Sunil Mittal is believed to have remarked that, “We are not a company to be acquired.” He said this a few days ago at a party in Mumbai to celebrate the acquisition of 1m subscribers by Airtel in the city.

Maybe he was jesting, for few people would think after Friday’s announcement of the deal with Vodafone that Bharti is not a takeover candidate.

At one stroke, Mittal has stunned investors, confounded competitors and triggered off raging speculation over the future of the country’s largest and most valuable cellular company.

Vodafone’s entry, telecom industry observers say, could just be the beginning of a jousting for control over Bharti Tele (BTVL) between the British giant and Singapore Telecom or SingTel. Possibly, Vodafone could buy SingTel’s 30% stake in BTVL and some from the Indian promoters too (with over 45% stake) in the future to take full charge. Isn’t there an old Indian saying that you cannot keep two swords in a single case?

SingTel is believed to be keen to sell its entire Asian telecom portfolio, apart from Singapore, according to sources in the telecom industry, although the rationale behind this is not entirely clear.

Analysts point to the example of the Essar group acquiring a less than 10% stake in BPL Mobile late last year and the ultimate acquisition of BPL Mobile a few months down the line.

Similarly, industry observers say that it will take not take more than six months for Vodafone to become the major foreign shareholder in Bharti. Due to government regulations, Indian shareholders have to hold at least a 26% stake in the company.

While Vodafone wanted to acquire Bharti, in the past, both Vodafone and SingTel have dismissed these reports as speculative and refused to comment.

The stake sale will result in a huge financial upside for SingTel, Sunil Mittal and other Indian promoters like it has helped Warburg Pincus to make about $1.6bn over an initial $300m investment.

The general public could benefit from the open offer that Vodafone may have to make if and when it chooses to increase its stake in Bharti. In the long run, the entry of Vodafone is likely to be viewed as positive for the company since it will become a part of the biggest telecom group in the world.

his confidence was reflected in the Bharti share price that jumped from Rs 312 to touch a high of Rs 333.9 before closing at Rs 329.2 on the BSE here today. Compare this with yesterday’s 7.4% decline in stock price when Bharti closed at Rs 311.9 on the BSE, after the quarter results failed to cheer investors.

This, despite the fact that the company had reported a 43% increase in its net profit for the quarter ending September ’05.

BTVL reported a net profit of Rs 521 crore for the second quarter, compared to Rs 364 crore in the corresponding quarter of the previous financial year.

The total revenues on a consolidated basis for the quarter were higher by 46% at Rs 2,709 crore, compared with Rs 1,851 crore in the corresponding period of the last year. EBITDA for the quarter was up at 47% at Rs 1,021 crore.

So far, Hutch is considered as the strongest brand in India. However, it is likely to meet its match in a new-look Bharti that could possibly sport the Vodafone brand in times to come. “Bharti is expected to be rejuvenated after the booster dose of Vodafone,” predict industry pundits

Vodafone had exited India in ’03 after selling its stake in RPG Cellular in Chennai. Its decision to re-enter India is not surprising, given that the country is one of the fastest-growing mobile markets in the world, with over 65-m mobile users.

During the last two months, about 3m subscribers have been added per month. While the total teledensity is less than 11%, mobile penetration in the country is lower, at about 7%. Vodafone’s investment is seen as an affirmation of the potential of the Indian telecom market to international investors.

Bharti is the current market leader, with a subscriber base of 15.1m as of end-September ’05, of which 14.1m were mobile users. This translates into over 21% marketshare of the cellular market.

While the cellular business remains the bread and butter for Bharti, it is also increasingly focusing on other areas like fixed-line telephony and broadband in select areas, in addition to its long-distance businesses.

Much of the growth of Bharti can be credited to the vision and execution of Sunil Mittal. According to a tale told by industry observers many moons ago, a SingTel team had come to India with a mandate to acquire a stake in BPL Mobile first and Bharti was only the second option then.

However, some quick footwork by Sunil Mittal resulted in the Singapore company tying up with Bharti rather than BPL Mobile.

Mittal was ready to meet the SingTel team more than halfway, to the extent that he even flew down within days to Singapore to sign and shut the deal. The rest, as they say, is history.

[Utsav 0]

Better finance, better infrastructure, better service... Welcome Vodafone!

[anujit 0]

It should read "Welcome Back VODAFONE"!

They had invested in Airtel in the begining but exited a few years later when the saw the mobile phone market wasnt going anywhere. Now they're back since the market has really kicked of... and of course chuckling about the 74% FDI!

[abhay 0]

prevoiusly they sold their stake in aircel Tamil nadu and exited from the telecom sector in india

[amitbt22 2]

This seems they r behaving like our "NETAS"

[abhay 0]

Vodafone entry to give Bharti teeth for M&As

Vodafone’s entry into the Indian telecom market may kick off a new phase of consolidation. The largest telecom player in the world brings with it huge financial strength, which can help Bharti acquire small operators.

The action will revolve around three GSM operators — Spice, Aircel and Idea. About one-and-a-half years back, Bharti was in negotiations with all of them. However, the deals could not materialise as the sellers and the buyers could not agree on valuations. Bharti was willing to pay less than what these operators were asking for. With the entry of Vodafone, there is a possibility that Bharti may approach them once again.

The BK Modi-controlled Spice operates cellular services in Punjab and Karnataka. Distacom, AIG, and Darby are the three original foreign stake holders in Spice who directly and indirectly control over 75% equity in the company. Recently, Distacom sold its equity to Deutsche Bank. BK Modi has litigations with all the foreign partners in the company. The BK Modi group has applied to the Department of Telecommunications for providing mobile telephone services in Rajasthan, Haryana, UP (East), UP (West), Jammu & Kashmir and Himachal Pradesh. It has submitted an application through MCorp, which is the Indian promoter in Spice Telecom. The BK Modi group feels that it will get a good price if it is able to establish itself as a leading player in North India.

The C Sivasankaran owned-Aircel is probably one of the best managed regional cellular service provider. With a low level of debt, there are no disputes in the company. It operates services in Chennai and Tamil Nadu. It had earlier signed an agreement with Hutch for selling 100% equity to it, but the deal didn’t materialise. Later, it signed an agreement with a Russian company, Sistema. Again, the deal didn’t materialise. The Aircel group has cellular licences for the North East, Assam, Bihar, West Bengal, Orissa, Himachal Pradesh and Jammu & Kashmir.

The Singapore Technologies Telemedia (STT) and Telekom Malaysia combine had signed an agreement with Idea in December last to purchase a 47% stake in Idea Cellular. This included the 33% stake of Cingular Wireless (earlier held by AT&T) and the balance from the Tatas and Birlas. However, it later pulled out as the DoT raised an objection to the deal on the issue of violation of licence conditions. Later the Birlas and the Tatas bought Cingular’s equity. Idea Cellular is a bigger player compared to Spice and Aircel. It operates services in Maharashtra, Gujarat, Andhra Pradesh, MP, Delhi, Kerala, Haryana and UP (West).

With international telecom majors’ renewed interest in the Indian market, it appears that there would remain only three major players in GSM services — BSNL, Bharti and Hutch. In CDMA services, the market will be controlled by Reliance and Tata.

UK giant does not like to play second fiddle

By announcing the Bharti deal, the world’s largest mobile phone company has now expanded its presence into yet another fast-growing global market for mobile telephony. Vodafone had a minimal exposure in the emerging markets in the past.

But what is Vodafone’s India strategy? While the public announcement of the strategic equity exposure left many question marks on the future of Bharti, given that there are two different international promoters for the company — SingTel and Vodafone — apart from a strong domestic promoter who is still the single largest shareholder, there are some cues that can be traced from the way Vodafone operates.

Let’s consider some basic factual nuggets about Vodafone. The British telecom giant now has direct equity exposure in 27 markets and indirect equity holding in four others in Africa — such as operating companies of Vodacom South Africa where it holds a 35% equity. Out of these it has controlling stakes in a majority of companies — 19 of them. The markets where it has a minority equity interest include Belgium, France, Poland, Switzerland, China, Fiji, Egypt, Kenya and this list would now also include India.

A minority interest would not allow Vodafone to expand under its own brand, but it gives it a foothold in a growing market. But Vodafone has a history of picking up a small minority stake as a market entry strategy. In some cases it has moved doubly fast to acquire controlling stake and in some others it is playing the waiting game.

In China where Vodafone owns just 3.3% of China Mobile and now India where it would have 10%, the strategy is driven by the idea of registering a presence in a growth market.

If Vodafone’s past strategy with respect to companies where it had minority stake is anything to go by, eventually it either exits the venture or buys a controlling stake. Even in its first sojourn in India with RPG Cellular — where Vodafone didn’t see a long-term asset value as it was limited — it sold off its stake. In most other markets it enhanced the stake to acquire controlling interest, as in Japan a few years back and as in the case of MobiFon SA of Romania this year.

The actual contours of Vodafone’s business strategy for that particular market becomes visible at that point. But the basic moves remain the same — starting with co-branding along with some changes in management structure. This eventually paves the way for the company to come under the single Vodafone umbrella. What Vodafone would do in future with respect to its equity stake in Bharti is anybody’s guess. But given its recent moves in expanding its presence in emerging markets Bharti could turn out to be a replica of Japan Telecom, where Vodafone outmanoeuvred BT to buy out AT&T’s stake in the company and thereafter bought out BT’s stake to cement its presence.

There are stark similarities between the history of Japan Telecom and Bharti. In Japan Telecom there were three international promoters — BT, Vodafone and AT&T. Vodafone’s aggression, under its star CEO Chris Gent, prevailed and in fact within months of acquiring AT&T’s stake it followed it by snapping up BT’s equity to increase its stake to 45%. The moves worked though because BT was in a restructuring mode.

Secondly, Vodafone’s interest in Japan Telecom was also raised by the fact that Japan was on the verge of launching 3G technology and Vodafone had big hopes from the market on that front. India also happens to be at the same stage.

Whether SingTel turns out to be another BT or fights it out, is to be seen.

While there are similarities between Japan and India with respect to Vodafone, there is one crucial difference. At the helm of affairs that time was Mr Gent, the man who oversaw Vodafone scripting one of the biggest hostile takeovers that the corporate world has witnessed by snapping up German telecom major Mannesmann.

Today the CEO is an Indian American, Arun Sarin. Whichever direction Vodafone’s deal with Bharti goes, the British telecom giant has played its first move and the Indian telecom market has just got that bit more exciting.

Hutch, Bharti & Rs 46k-Cr Question

Guess what’s the approximate difference in the valuation of India’s two largest GSM operators — Bharti and Hutch. Believe it or not, it’s Rs 46,000 crore.

While the Vodafone deal pegs Bharti Tele-Ventures’ valuation at Rs 67,000 crore (about Rs 5,000 crore more than its current market cap), Essar’s acquisition of Max India’s 3.16% stake in Hutchison Essar for Rs 657 crore earlier this month placed the company’s valuation at around Rs 21,000 crore. The staggering difference in the valuations of the two companies is in spite of the fact that Hutch’s cellular subscriber base, at around 11m, is just 3m less than Bharti’s.

While the uncharitable explanation could be that either Hutch is under-valued or Bharti is over-valued, telecom analysts say that there is a logic to explain some of the difference in the valuations assigned to the two companies.

They point out that Bharti’s valuation is much more than Hutch’s because it is not a pure mobile operator and is an integrated telecom player with a presence in the fixed line, NLD, ILD, and broadband businesses. In addition to its 14m cellular subscribers, Bharti has an additional 1m broadband and fixed line services subscribers.

Analysts add that Bharti is also well-positioned to leverage the synergies of being an integrated telecom player. For instance the fact that Bharti is an NLD service provider means that it can pocket the carriage fee for long distance calls that originate on its network as opposed to Hutch.

It is also pointed out that as Bharti Tele-Ventures is a listed company and its shares are traded on the bourses, it commands a liquidity premium of around 10-15%, which Hutch, too should enjoy when it gets listed. Says Prashant Singhal, director, Ernst & Young, India, “Bharti’s mobile subscriber base is around 30% more than Hutch’s. In addition, it’s an end-to-end telecom service provider. About 30% of Bharti’s revenue and EBITDA come from its non-mobile business. Plus there is the 10-15% liquidity premium factor.

If you consider all these factors, they will account for a significant proportion of Bharti’s valuation.” Some analysts believe that about 50% of Bharti’s market cap can be attributed to these factors. The remaining difference in valuation of around Rs 15,000 crore can be explained in terms of branding and other functional attributes such as network.

However, there are others who believe that Vodafone’s willingness to pay a premium on the market price and to ramp up Bharti’s valuation stems from the fact that it is optimistic about the Indian company’s future prospects and its desire to establish a foothold in India’s largest private telco. Quite clearly, this is an investment made with a long term view about the future of the Indian telecom sector.

pretty huge post huh?

[linuxguy 0]

I hope Airtel expands its business quickly! BSNL isnt far too behind.

[abhay 0]

Vodafone shelled out more for China mobile foray

Vodafone’s acquisition cost for a strategic stake in Bharti might be the biggest in the Indian telecom market till date, but it is just a fraction of the value that the British telecom giant attached to its foray into China.

On a proportionate subscriber basis, which is basically the number of subscribers in a company corresponding to the equity holding by an investor, Vodafone had paid more than $4,500 per subscriber for a 2.18% stake in China Mobile five years ago, against $1,073 per mobile subscriber it paid for an exposure in Bharti.

Vodafone had entered the Chinese mobile telecom market with a small equity stake in China Mobile (Hong Kong) in November 2000 at an investment of $2.5 billion. At that time, China Mobile(HK) had approximately 25 million subscribers, which translated into a proportionate subscriber base of a little more than half-a-million subscribers for Vodafone.

Against this, Vodafone is paying $1.5 billion for a 10% stake in Bharti. Bharti currently has about 14 million mobile phone subscribers, which translates into a 1.4 million proportionate subscriber base. This implies that the acquisition cost on a proportionate customer basis is much lower for Vodafone in India than in China.

However, the corresponding deal that Vodafone struck in China in June 2002, where it raised its exposure in China Mobile to 3.27% for just $750 million, was at a much discounted rate. This deal brought an additional proportionate subscriber base of 1.1 million to Vodafone, given that China Mobile had 100 million subscribers by then. It translated into a payout of approximately $680 per subscriber.

As on date, the growth in the Chinese market on a bigger base has led to Vodafone having 8.25 million proportionate subscribers for $3.25-billion investments in equity compared to 1.4 million proportionate mobile subscribers for a $1.5 billion equity investment in India.

If Vodafone’s acquisitions of this year are considered, the valuation of Bharti is on the higher side. For instance, Vodafone paid Canada’s TIW $4.4 billion, including $900 million for assuming net debt, for raising stake in Romania’s MobiFon from 20.1% to 99.1% and acquiring Czech mobile operator Oskar.

This deal brought Vodafone a net increase in subscriber base of approximately 5.85 million (1.85 million from Oskar and 79% of 5 million of MobiFon). This translates into an acquisition cost of about $750 per subscriber.

Closer home, SingTel’s acquisition of 45% equity stake in Pacific Bangladesh Telecom, Bangladesh’s third-largest cellular operator, for $118 million is also lower than the value that Vodafone attached to Bharti. SingTel shelled out approximately $820 per subscriber given that it added 1,44,000 proportionate subscribers with its 45% stake acquisition.

The Bharti deal value on a subscriber basis is, however, 15% cheaper compared to the mega telecom deal of the year — Telefonica’s $31.3-billion bid for O2 — where the deal has been struck at approximately $1,250 per subscriber.

[linuxguy 0]

haha. seems vodafone has a lot of cash to throw around

[asher 2]

No bhai it is one method to enter into market.

[abhay 0]

SingTel to up stake in Bharti at 'right price'

Singapore Telecommunications, the largest foreign shareholder in Bharti Televenture with 31 per cent stake, on Wednesday said it was open to increase its stake in the company subject to the right price.

"We are interested to increase our stake in Bharti Televentures. It depends on the right price and conditions," a SingTel spokesperson said from Singapore.

We are the single largest shareholder with our 31 per cent stake in Bharti and have done very well on this investment, the spokesperson added.

However, the company did not disclose how it would go about its interst as Mittals, the Indian promoters with a controlling stake in the company have already ruled out further stake dilution in the company from the current 46 per cent. Also, Vodafone has just entered with a 10 per cent stake.

For the 10 per cent, Vodafone bought 4.39 per cent in Bharti through Bharti Enterprises Private Ltd. and a 5.61 per cent direct stake from private equity firm Warburg Pincus LLC.

As for Vodafone, it has stated that there would be no fixed rule for investments in the fast growing economy. Its future strategies in India would depend on asset prices and market dynamics.

"We look at these situations on the basis of adding value to our shareholders and much depend on the price at which as sets and shares are available, "Bobby Leach, head, group media relations, Vodafone had said.

Asked whether Vodafone would be comfortable in case SingTel decided to raise its stake in the company, Leach had said: "I don't think they (SingTel) intend to increase the stake in Bharti.

singtel dose not seem to quit india! the speculations of it decreasing the stake in bharti is finally over

source :- http://economictimes.indiatimes.com/articleshow/1289691.cms

[linuxguy 0]

haha. which fool would want to sell their stake in bharti at this point?

[abhay 0]

haha. which fool would want to sell their stake in bharti at this point?

46444[/snapback]

there was a speculation

[linuxguy 0]

ah speculations arise at a time like this!

[abhay 0]

Govt okays Vodafone plan to buy 49% in Bharti

The government has approved a proposal by Vodafone to buy up to 49% in Bharti Enterprises, the private holding company of Bharti Tele-Ventures (BTVL). The approval follows a proposal filed by Vodafone Group with the Foreign Investment Promotion Board (FIPB) stating that Vodafone Mauritius will be inducted as a foreign investor in Bharti by issuing equity shares up to a maximum of 49%.

Vodafone had sought the nod for buying up to 49% as an enabling measure so that it would not have to go repeatedly to the government if and when it chooses to increase its stake in the company.

“The Mittal family does not intend to sell any further stake. Vodafone can increase its share in the company if Bharti’s foreign partners are willing to sell the stake,” a Bharti spokesperson said. But market sources said that the move was a precursor to the UK group increasing its stake in BTVL over the coming months. Vodafone acquired a 10% stake in BTVL on October 28 in a deal valued at Rs 6,500 crore. While Bharti Enterprises had sold a 4.4% stake, Warburg Pincus exited the company after selling its 5.65% share to Vodafone.

Currently, Bharti Telecom (including Vodafone and SingTel stakes) holds 45.9% in BTVL, 15.84% is held by Singapore Telecommunications (SingTel) directly and Vodafone has a 5.65% direct stake. In October, the government raised the FDI cap in the telecom sector from 49% to 74%. Vodafone’s investment is the first case to be cleared after the FDI limit was hiked.

http://economictimes.indiatimes.com/articleshow/1308719.cms

Vodafone gets its way clear

An enabling approval obtained by a company scarcely attracts attention. But when the company in question is Vodafone, which has a small stake in Bharti Tele-Ventures, and has obtained FDI approval to take a higher stake if it chooses to, then it merits closer scrutiny. Vodafone’s enabling approval to take a 49% stake in Bharti Enterprises (the holding company for BTVL) could see its stake in BTVL go significantly higher from the current levels.

Vodafone’s acquisition of a 10% stake in BTVL in October ‘05 was done by a direct acquisition of a 5.65% stake from Warburg Pincus and an indirect acquisition by taking a 9.58% stake in Bharti Enterprises. Since Bharti Enterprises holds a 45.9% stake in BTVL, Vodafone got a 4.4% stake taking the total up to 10%.

If the reason for taking an enabling approval was to avoid approaching the government for approvals repeatedly, then the intention to increase its stake seems quite apparent. Acquiring a 49% stake in Bharti Enterprises would mean an acquisition of 22.5% stake in BTVL. Of this, Vodafone has a 4.4% stake. Vodafone can acquire just under 5% stake in BTVL, or an 11% stake in Bharti Enterprises, as it will have to make an open offer to the public for 20% of equity when that happens. When and whether this will happen remains to be seen, but some implications are becoming evident.

One is that Vodafone’s interest in BTVL goes beyond owning a small stake in India’s telecom giant and it intends to consolidate its position in the company.

For the moment, the Indian promoter is retaining control in Bharti Enterprises, the holding company, with a 51% stake (assuming Vodafone ups its stake to 49%) but is comfortable with Vodafone becoming a larger partner.

Vodafone becoming a major shareholder could help BTVL reach new heights, with one of the largest telecom companies in the world at its side, providing insights gained from its operations in 27 countries across the world and even capital if needed. Bharti’s ability to strike global partnerships at the right time has been a strength it has built upon.

http://economictimes.indiatimes.com/articl...761,curpg-1.cms

some1 seems to be very serious about india! looks to me another tele revolution in india is in the making!

what would be d changes in bharti acc to u guys if vodafone actullly accuires 49% in bharti

[linuxguy 0]

lets just hope Vodafone has aggressive expansion strategy in mind!

[abhay 0]

yup and here goes ur aggressive expansion strategy

Bharti not to further dilute stake

The owners of Bharti Tele-Ventures Ltd said on Tuesday they had no plans to further dilute any stake in favour of either UK's Vodafone or Singapore Telecommunications Ltd.

"There is no question of diluting stake in Bharti Tele-Ventures," Sunil Bharti Mittal, chairman of the firm, said.

http://economictimes.indiatimes.com/articleshow/1311332.cms

Bharti Tele gets shareholder nod for FII limit

Bharti Tele Ventures Ltd on Tuesday said it has got the shareholders approval to increase the limits of investment by Foreign Institutional Investors (FIIs) in the paid up capital of the company.

The shareholders have given their consent for increase in investment of FIIs including their sub-accounts in the shares or debentures convertible into shares or any other security of the company upto the allowed sectoral caps, the company informed the Bombay Stock Exchange.

http://economictimes.indiatimes.com/articleshow/1312168.cms

[linuxguy 0]

is this good or bad?