Reliance Communications looking to raise funds via overseas debt for spectrum payment, capex
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NEW DELHI: Reliance Communicationsis looking to raise funds via an overseas bond issue to pay nearly Rs 1100 crore ($173 million) to the government as upfront payment for the airwaves it bought in the recent auctions, apart from capex needs.
Fitch Ratings has assigned RCom's (BB-/Stable) proposed senior secured notes an expected rating of 'BB-(EXP), the ratings agency said in a statement on Friday.
The company needs to pay Rs 4,299.13 crore for the toptal 2G and 4G spectrum that it bought in the auctions which ended late March. Of this, it has paid around a fourth - over Rs1100 crore - as upfront payment, as per rules.
Fitch expects revenue at RCom to grow by mid-single-digit percentage in FY16 driven by improvement in average revenue per user (ARPU), increase in data services and income from assets leased to Reliance Jio Infocomm.
Operating margin is expected to improve by150-200 basis points over 31.3% in FY14, driven by improving voice tariff realisation and growing economies of scale in data segment.
The company is likely to generate at least $200 million in annual free cash flow during FY16-FY18 with capex/revenue ratio of around 15%-16%.
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The incident occurred around 2 am on the Kundli-Manesar-Palwal (KMP) Expressway. The bus was carrying around 60 people, all residents of Punjab's Hoshiarpur and Ludhiana, who were returning from pilgrim towns of Mathura and Vrindavan. All of them are relatives, police said.
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Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to $450 million via sale of dollar bonds, sources said.
JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said.
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The national capital on Saturday morning recorded a minimum temperature of 27.1 degrees Celsius, 0.6 notch above the season's average, according to the India Meteorological Department (IMD).
On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
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Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
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Shares of Zee Entertainment soared up to 5.2 per cent at Rs 141.65 per share on the BSE in Saturday’s intraday trade. The hike in the stock prices came after the company delivered a turnaround in quarterly growth for the January-March quarter of fiscal year 2023-24 (Q4FY24).
In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
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