Dec 31, 2013, 06.12 PM IST
Analjit Singh, who is Founder and Chairman of Max India, owns 51 percent interest in Scorpio Beverages Pvt Ltd, which is being paid Rs 1,241 crore for the 24.65 percent stake it holds in Vodafone India. Piramal, the only other minority shareholder in Vodafone India, is being paid Rs 8,900 crore for its 10.97 percent stake.
Tags FIPB, Vodafone, AnaljitSingh, Scorpio Beverages, Max India
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'Voda payment to Analjit Singh consistent with agreement'
Analjit Singh, who is Founder and Chairman of Max India, owns 51 percent interest in Scorpio Beverages Pvt Ltd, which is being paid Rs 1,241 crore for the 24.65 percent stake it holds in Vodafone India. Piramal, the only other minority shareholder in Vodafone India, is being paid Rs 8,900 crore for its 10.97 percent stake.
Like this story, share it with millions of investors on M3
'Voda payment to Analjit Singh consistent with agreement'
Analjit Singh, who is Founder and Chairman of Max India, owns 51 percent interest in Scorpio Beverages Pvt Ltd, which is being paid Rs 1,241 crore for the 24.65 percent stake it holds in Vodafone India. Piramal, the only other minority shareholder in Vodafone India, is being paid Rs 8,900 crore for its 10.97 percent stake.
Analjit Singh, who is Founder and Chairman of Max India , owns 51 percent interest in Scorpio Beverages Pvt Ltd, which is being paid Rs 1,241 crore for the 24.65 percent stake it holds in Vodafone India. Piramal, the only other minority shareholder in Vodafone India, is being paid Rs 8,900 crore for its 10.97 percent stake.
Also Read: FIPB clears Vodafone, Tesco proposals
"The consideration payable to Mr Analjit Singh is consistent with the agreements signed between him and Vodafone, which were filed with the FIPB in 2007 and 2009," the statement said.
Singh hailed the decision of the Foreign Investment Promotion Board (FIPB) wherein it approved Vodafone's proposal to increase its shareholding in the UK based telecom major's Indian arm.
Terming the decision as "extremely encouraging and most forward looking", Singh said that this would send the right signal to investors all over the globe who have plans to invest in India.
"The decision is very important for ongoing reforms in India. In fact, it has a lot of symbolic significance because telecom is the first regulated sector to benefit from 100 percent FDI," he said.
On the issue of his own shareholding in Vodafone, Singh clarified that he did not own any shares directly in Vodafone India Limited but holds an indirect equity interest in VIL through various holding companies, some of which have significant debt.
"The valuation of his stake in VIL will have to take this debt into consideration as well as the fact that the holdings are indirect unlike Piramal Enterprises Limited's direct interest in VIL," the statement said.
The decision of Foreign Investment Promotion Board (FIPB) will now go to the Cabinet Committee of Economic Affairs for final approval.
Vodafone India is second largest telecom operator in the country with over 15.6 crore mobile subscribers. The company is bullish on Indian market. Vodafone Group has earmarked investment of USD three billion on its telecom networks in India over next two years.
Max India stock price
On December 31, 2013, Max India closed at Rs 215.20, up Rs 0.60, or 0.28 percent. The 52-week high of the share was Rs 264.90 and the 52-week low was Rs 150.50.
The company's trailing 12-month (TTM) EPS was at Rs 5.47 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 39.34. The latest book value of the company is Rs 115.98 per share. At current value, the price-to-book value of the company is 1.86.
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