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Airtel gets Sebi nod for Rs 25,000 cr rights issue

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New Delhi: Telecom operator Bharti Airtel has received market regulator Sebi’s approval to raise up to Rs 25,000 crore through rights issue, according to sources.

The board of the company had approved the rights issue proposal in February.

The Securities and Exchange Board of India (Sebi) has given green signal to the rights issue of Airtel, the sources said.

 

When contacted, Bharti Airtel spokesperson said, “the company is in process of obtaining requisite approvals and shall make necessary announcements at an appropriate time”.

The board has earlier approved the rights issue to raise up to Rs 25,000 crore through issuance of fully paid up shares at a price of Rs 220 per share, and an additional Rs 7,000 crore via foreign currency perpetual bond issue.

The company had said the capital infusion will help it continue investments in future rollouts to build large network capacity and create content and technology partnerships to ensure the strong customer experience.

Last month, Airtel received commitment from its single-largest shareholder Singtel, promoters, and GIC Singapore to participate in the Rs 32,000 crore capital raising programme.

Singapore telecom major SingTel said it will infuse Rs 3,750 crore in Bharti Airtel by subscribing to the proposed Rs 25,000 crore rights issue of the company, while GIC Private Limited, on behalf of Singapore government and Monetary Authority of Singapore, has made a commitment of Rs 5,000 crore in the proposed programme.

Indian telecom players, including Airtel and Vodafone Idea Ltd, have outlined mega fund raising programmes to arm themselves with firepower to take on market competition intensified by Reliance Jio as well as pare debt.

Recently, the board of directors of India’s largest telecom operator Vodafone Idea cleared the planned Rs 25,000-crore rights issue at a price of Rs 12.50 per equity share.


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US to eliminate Iran oil sanctions waiver for India, 7 others:Report

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Washington: The United States is expected to announce that all importers of Iranian oil will have to end their imports shortly or be subject to US sanctions, a source familiar with the situation told Reuters.

The source confirmed a report by a Washington Post columnist that the administration will terminate the sanctions waivers it had granted to some importers of Iranian oil late last year.

US President Donald Trump has been clear to his national security team over the last few weeks that he wants the waivers to end, and national security adviser John Bolton has been working the issue within the administration.

 

The US reimposed sanctions in November on exports of Iranian oil after Trump unilaterally pulled out of a 2015 nuclear accord between Iran and six world powers Washington is pressuring Iran to curtail its nuclear program and stop backing militant proxies across the Middle East.

Along with sanctions, Washington has also granted waivers to eight economies that had reduced their purchases of Iranian oil, allowing them to continue buying it without incurring sanctions for six more months

They were China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece.

But on Monday, Secretary of State Mike Pompeo will announce “that, as of May 2, the State Department will no longer grant sanctions waivers to any country that is currently importing Iranian crude or condensate,” the Post’s columnist Josh Rogin said in his report, citing two State Department officials that he did not name
Frank Fannon, US Assistant Secretary of State for Energy Resources, repeated the administration’s position that “Our goal is to get to zero Iranian exports as quickly as possible.

“Other countries have been watching to see whether the United States would continue the waivers. Last Tuesday, Turkish presidential spokesman Ibrahim Kalin said that Turkey expects the United States to extend a waiver granted to Ankara to continue oil purchases from Iran without violating US sanctions.

Turkey did not support US sanctions policy on Iran and did not think it would yield the desired result, Kalin told reporters in Washington.

Washington has a campaign of ‘maximum economic pressure’ on Iran and through sanctions, it eventually aims to halt Iranian oil exports and thereby choke Tehran’s main source of revenue.

So far in April, Iranian exports were averaging below 1 million barrels per day (bpd), according to Refinitiv Eikon data and two other companies that track such exports and declined to be identified.

That is lower than at least 1.1 million bpd as estimated for March, and down from more than 2.5 million bpd before sanctions were reimposed last May. Brent crude futures , the international oil benchmark, were up nearly 2 per cent at USD 73.25 a barrel, on the report that the waivers were to end.

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Maruti drives in Baleno with BS VI compliant petrol engine

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New Delhi: The country’s largest carmaker Maruti Suzuki India (MSI) Said it has launched its premium hatchback Baleno with BS VI emission norms compliant petrol engine, priced between Rs 5.58 lakh and Rs 8.9 lakh (ex-showroom Delhi).

The auto major has also introduced two variants of the car with smart hybrid technology. The trim with 1.2 litre DUALJET, DUAL VVT petrol engine is priced at Rs 7.25 lakh, while the Zeta variant is tagged at Rs 7.86 lakh. As per the company, the models with smart hybrid technology would deliver a fuel efficiency of 23.87 km/litre.

“At Maruti Suzuki, we strive to bring newer, better and environment friendly technologies to our products. Baleno Smart Hybrid with BS VI stands testament to the same. We are confident that the premium hatchback Baleno will present a complete package in line with aspirations of evolving customers,” MSI Senior Executive Director Marketing & Sales R S Kalsi said in a statement.

 

The company said in order to achieve the stringent emission regulation requirement, it has upgraded both engine hardware and software along with exhaust system.”Baleno is country’s first premium hatchback to be offered with Smart Hybrid technology,” it added.

MSI has sold over 5.5 lakh Baleno units since its launch in 2015. It sold more than 2 lakh units of the hatchback in the last fiscal year.

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SpiceJet, Emirates sign MoU for code share partnership

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Mumbai: Budget carrier Spicejet announced signing of an initial pact for code share partnership with Gulf carrier Emirates.

The reciprocal partnership will allow opening of new routes and destinations for passengers of the two airlines, SpiceJet said in a statement.

“I am delighted to announce that as part of SpiceJet’s international expansion strategy, we have signed a Memorandum of Understanding (MoU) for a code share agreement,” SpiceJet Chairman and Managing Director Ajay Singh said in the statement.

 

SpiceJet passengers from 51 domestic destinations will be able to access Emirates’ network across the US, Europe, Africa and Middle East, it added.

Code-sharing allows an airline to book its passengers on its partner carriers and provide seamless travel to destinations where it has no presence.

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