As per the notice inviting application (NIA) issued forthe auction, a new applicant must retain at least 26 percent stake but it was not specified till what time it must be retained. The DoT had sought clarifications from the wing whether a successful bidder can reduce its equity below 26 percent in the new entrant nominee ISP company.
A DoT wing has given its go ahead to Bharti Airtel -Qualcomm deal after it found that the multi-stage transaction did not violate the NIA norms, sources said.
The deal in which Airtel acquired 49 percent and subsequently fully 100 percent stake in the Qualcomm's Indian venture that won 4G spectrum in four circles, had come under the DoT scanner due to change in equity structure of the licence holder -- Wireless Business Services (WBSPL).
As per the notice inviting application (NIA) issued forthe auction, a new applicant must retain at least 26 percent stake but it was not specified till what time it must be retained. The DoT had sought clarifications from the wing whether a successful bidder can reduce its equity below 26 percent in the new entrant nominee ISP company.
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The US firm Qualcomm's Indian 4G venture, Wireless Business Services (WBSPL) had won BWA spectrum in 2010 in four circles of Delhi, Mumbai, Haryana and Kerala. Bharti Airtel had acquired 49 per cent stake in WBSPL in 2012 and bought additional 2 percent equity in July 2013, taking the total to 51 percent.
In October last year, it acquired 100 percent stake in the company. Airtel also won BWA spectrum in four service areas of Maharashtra, Karnataka, Kolkata and Punjab.
According to sources, the legal devision of DoT has opined that NIA does not impose any lock-in condition on the successful bidder in case of prospective new entrant company also.
"The restriction of successful bidder holding 26 percent shareholding in licence company is applicable till the time of full payment of spectrum fee and allotment of spectrum," the source added. The Department has alloted the spectrum and the company has also paid the bid amount of Rs 4,912.54 crore.
Bharti Airtel stock price
On March 28, 2014, Bharti Airtel closed at Rs 317.50, up Rs 6.80, or 2.19 percent. The 52-week high of the share was Rs 373.50 and the 52-week low was Rs 266.95.
The company's trailing 12-month (TTM) EPS was at Rs 14.07 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 22.57. The latest book value of the company is Rs 135.70 per share. At current value, the price-to-book value of the company is 2.34.
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