(Bloomberg Opinion) -- India’s great telecom melee was bad enough as a brawl between service providers and the state, with operators complaining about the government’s outlandish claims on their past revenue. Now, consumers have jumped into the fray. A confusing three-cornered fight could lead to ugly outcomes: The country’s broken financial system would take a fresh hit; new 5G networks could be delayed; and the government’s annual revenue from the sector might get squeezed.This week, New Delhi wants nearly 1.5 trillion rupees ($21 billion) in back license fees and spectrum usage charges, ...
(Bloomberg) -- Dish TV India Ltd.’s talks to merge with Airtel Digital TV have stalled on differences over the deal’s structure, according to people with knowledge of the matter.Essel Group’s Dish TV has opted to explore a sale of the business for cash instead of an all-stock merger, said the people, who asked not to be identified as the discussions are private. The direct-to-home arm of Bharti Airtel Ltd. remained committed to offering shares, contributing to the stalemate, the people said.Indian tycoon Subhash Chandra and his Essel Group have been selling assets to pare debt at the ...
Moody's Investors Service has today placed Yes Bank Limited's long-term foreign currency issuer rating of B2 under review, with the direction uncertain. Moody's has also placed the bank's long-term foreign and local currency bank deposit ratings of B2, and its foreign currency senior unsecured MTN program rating of (P)B2, under review, with the direction uncertain.
(Bloomberg) -- Follow Bloomberg on Telegram for all the investment news and analysis you need.India’s Supreme Court ruled that wireless carriers including Bharti Airtel Ltd. and Vodafone Idea Ltd. need to pay $13 billion of dues to the government, rejecting an appeal by operators struggling to stem losses and reduce debt.A three-judge Supreme Court bench headed by Justice Arun Mishra on Thursday dismissed review petitions filed by the telecommunication companies against the October verdict, according to updates on the court’s website. Under that ruling, Vodafone Group Plc’s India venture has ...
India’s Supreme Court ruled that *the five-month digital lockdown imposed on the Kashmir region by Narendra Modi’s government is unlawful and gave the administration seven days to justify its continued use. In a judgment on the constitutionality of internet restrictions, India’s highest court said on Friday that an indefinite internet suspension was “impermissible” and should only be enforced in “unavoidable” situations. India’s citizenship law: what is it and why has it stirred such anger?
(Bloomberg) -- Yes Bank’s shares and dollar bonds plunged after an independent director resigned citing corporate governance concerns at the lender.Uttam Prakash Agarwal said in a phone interview that he resigned on Friday, citing what he described as deteriorating standards of corporate governance and compliance failures. He blamed the bank’s Chief Executive Officer Ravneet Gill and other senior executives for the alleged failings.Yes Bank shares fell 5.4% in Mumbai, the biggest drop in a month. Its 3.75% dollar notes due February 2023 declined 4.7 cents on the dollar to 79.9 cents, the ...
Yes Bank has rejected $1.2 billion of outside investment and will launch a $1.4 billion share sale, it said on Friday after a board member's resignation cast more doubt on the troubled lender's future and sent its stock down 5%. Yes Bank's shares have plunged by about 75% in the past 12 months as non-performing assets have risen sharply, with investors further spooked by delays in the bank's plans to raise urgently needed capital. The bank has been talking about raising up to $2 billion in funds ever since the $1.2 billion offer from Canadian investor Erwin Singh Braich and Hong Kong-based ...
The country is undergoing a wrenching, if necessary and inevitable, transition from small to large. But that means stocks are cheap, particularly as the country recovers.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Yes Bank Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's assessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers, which was followed by a rating committee. The updated key rating considerations and principal methodology(ies) used were explained in Moody's rating ...
MUMBAI/BENGALURU (Reuters) - India's Yes Bank Ltd said on Tuesday it was still discussing a $1.2 billion offer from Canadian investor Erwin Singh Braich and Hong Kong-based SPGP Holdings as part of a $2 billion capital raise it announced last month. The fund raising is crucial to boost Mumbai-based Yes Bank's capital base as it battles high levels of bad loans due to its exposure to India's crisis-hit shadow banking and real estate sectors. The bank also said it was willing to "favourably consider" a $500 million offer from Citax Holdings and Citax Investment Group, with the final decision ...
Moody's Investors Service has today downgraded Yes Bank Limited's long-term foreign currency issuer rating to B2 from Ba3. Moody's has also downgraded the bank's long-term foreign and local currency bank deposit ratings to B2 from Ba3, foreign currency senior unsecured MTN program rating to (P)B2 from (P)Ba3, and Baseline Credit Assessment (BCA) and Adjusted BCA to b3 from b1. The downgrade of Yes Bank's deposit and senior unsecured program ratings to B2 from Ba3 and (P)B2 from (P)Ba3 takes into account Moody's expectation that the bank's pool of potential stressed assets and low loss ...
