British telecom major
Vodafone is likely to take a call on the timeline of initial public offer of
its Indian arm after conclusion of the impending spectrum auction.
"Timelines (on Vodafone
India IPO) will be most probably decided after spectrum auction this fiscal in
India is over," a source privy to the Vodafone IPO plan told PTI.
When contacted, a Vodafone
spokesperson said, "We have started IPO preparations, which includes
conversations with banks, but no final decision has yet been taken as to
whether or not we will IPO."
Kotak Investment Banking,
Bank of America, HSBC Holdings, Deutsche Bank AG and ICICI Securities for
working on the IPO of Vodafone India-- the second largest telecom operator in
India.
The Cabinet on Wednesday
approved mega-spectrum auction plan in which airwaves worth Rs 5.66 lakh crore
for mobile services will be put for auction. However, the timeline for auction
was not finalised as Cabinet has asked telecom ministry to seek view of telecom
regulator on issue of annual spectrum charges.
As per industry sources, the
auction has been planned to start in September but the same has not been
confirmed officially.
While the Cabinet has not
lowered spectrum base price as demanded by industry, it has relaxed equity
lock-in period from 3 years to one year.
Credit:NDTV
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