Sunil Kanoria of SREI Infrastructure remained tight-lipped on the potential suitors for Viom but spoke at length about the recent central bank move to breathe life into stalled infrastructure projects.
Bharti Infratel was never in the race to buy stake in Viom, says Sunil Kanoria of SREI Infrastructure in an exclusive chat with CNBC-TV18's Manasvi Ghelani. Kanoria remained tight-lipped on the potential suitors for Viom but spoke at length about the recent central bank move to breathe life into stalled infrastructure projects.
Below is edited excerpts of the interview with Sunil Kanoria of SREI Infra
Q: Your take on new RBI guidelines on refinancing of infra projects?
A: The recent guidelines which RBI has allowed for existing projects to go for the 5:25 structure is a landmark judgement. If implemented well and correctly by the banking system I think it will go a long way in correcting lot of the problems in the sector because this will ease out and bring in matching funding to cash flow and debt. It will also bring in equity into play and that is the reason I said that the growth in the infrastructure market and the capital market by end of next year is possible because I am hopeful that this guideline itself will bring in lot of positivity.
Q: Reports on Viom project, names like ATC and Bharti Infratel have been making the rounds. What is the status today, are these players really interested, has anyone approached you at this point in time and apart from them has there been anyone on record that has come to you?
A: We have appointed our bankers and we are working on a process. Some of them have approached and shown interest, but not all. We are examining various options, earlier we were examining international listing but then the Indian markets improved so we are evaluating that. We are evaluating strategic investors, we are evaluating financial investors also. We have a group of shareholders with whom we are discussing. We hope that we should be able to do something.
Q: Are these two names being considered?
A: No comments on that. Some have not approached at all. I can only share about Bharti Infratel. The news recently was definitely a wrong statement.
SREI Infra stock price
On December 22, 2014, SREI Infrastructure Finance closed at Rs 48.95, up Rs 1.60, or 3.38 percent. The 52-week high of the share was Rs 57.55 and the 52-week low was Rs 19.75.
The company's trailing 12-month (TTM) EPS was at Rs 1.70 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 28.79. The latest book value of the company is Rs 53.22 per share. At current value, the price-to-book value of the company is 0.92.
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