"The sale of the company's standalone business will be achieved through the sale of the entire shareholding of ICISL (Idea Cellular Infrastructure Services Ltd) by the company comprising 60,000 equity shares of Rs10 each to the purchaser", the Idea Cellular said in an exchange filing on Monday. The voice realisation rate fell 9.9 per cent to 22 paise per minute from 24.4 paise in Q1FY18.
"In the long term, we have a positive view on Idea and the deal could be viewed as a positive move with the 40 billion rupee-transaction value aiding Idea in cutting down its balance sheet debt", said Gaurang Shah, Head Investment Strategist at Geojit Financial Services. While the total mobile data users on Idea network remained flat at 38.2 million, the broadband (3G+4G) subscribers increased by 3.2 million to 29.6 million in second quarter.
The company said its while broadband data usage almost doubled, the rate realisation "continued its free fall" during the three months ended September.
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Vodafone and Idea have a combined portfolio of around 20,000 towers with a combined tenancy ratio of 1.65x as at 30 June 2017.
"Both Vodafone India and Idea as customers, and ATC TIPL as a mobile network infrastructure provider, have agreed to treat each other as long-term preferred partners, subject to existing arrangements".
Vodafone India MD Sunil Sood had earlier said the merger of the two companies was on track for completion in 2018. The merger is expected to be completed in 2018.
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The company's tower business reported a standalone revenue of Rs 758.5 crore for the FY17 with a net worth of Rs 662.3 crore.
Idea, India's No. 3 wireless carrier posted a loss of 11.07 billion rupees ($169.45 million) in the quarter ended September 30, compared with a profit of 915 million rupees a year earlier.
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