Fce BhartiAirtel-Zain Deal 16Feb10
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Transcript of Fce BhartiAirtel-Zain Deal 16Feb10
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 16
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 26
983090
bull African telecom market has scope for penetration If Bharti is able to implement its low tariff scheme there
successfully the deal could prove to be value accretive
bull Bharti gains access to at least three African countries where Zain enjoys a clear hegemony Zain commands
two-thirds of the mobile market in Niger Malawi and Chad
bull These markets also have operating margins in excess of 40 in line with Bhartirsquos India operations Further
with mobile penetration of less than 20 Bharti stands a fair chance to expand its footprint in these highly
lucrative markets
bull Moreover despite its poor financial performance in Africa Zainrsquos average revenue per user (ARPU) of $82 is
much better than Bhartirsquos $5 This means Bharti may be able to rake in profits from these markets if it
controls costs effectively
Major Issues in the Deal
bull Zains African business has $2 billion of debt on its books
bull Regulatory issues which were widely blamed as a deal-breaker in the BhartiMTN talks are not seen as a
major concern But legal disputes surrounding Zains Nigerian unit the biggest among its African assets
could potentially delay or disrupt a deal
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 36
983091
bull Bhartirsquos success with Zain will hinge upon how fast it is able to grow the African operations post acquisition
But this looks much more daunting This is because nine out of Zainrsquos 15 African markets are well penetrated
with more than 33 subscriber population
bull Further mobile penetration is exceeds 45 in five markets These include Ghana and Nigeria where Zainrsquos
operations are bleeding due to stiff competition from MTN which is the numero uno in these regions Zain is
also suffering losses in Uganda again a territory with 35 penetration and has MTN as the market leader
bull With substantial market penetration and MTN as a bigger competitor Bharti will find it very tough to turn
around Zainrsquos loss-making operations Zainrsquos African operations have posted a loss of $111 million in nine
months ended September 2009
bull Zain is not as strong a player in the African region as its bigger peer MTN Bharti may have to compete head
on with its former acquisition target MTN in at least four makets
bull A dispute over the ownership of Zainrsquos crucial Nigerian unit as well as a legal offensive by a minority
shareholder could complicate for this deal
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 46
983092
Deal structure
This is an all-cash deal Bharti would give to Zain $10 billion within a month of signing and then $700 million
by the year-end There is also a $2-billion debt on the balance sheet of Zain Africa which they will assume
Besides there are two loans on Zain Africarsquos balance sheetsmdasha $17-billion loan and a $23-billion loan given
by Zain International When Bharti gives them the moneyZain will pay off the $23-billion loan given by Zain
International and only the $17-billion loan will remain on Zain Africarsquos balance sheet
Source of funds
bull Bharti will most likely finance the deal through a combination of debt and equity After excluding $300 million
that it has agreed to pay to acquire Warid of Bangladesh Bharti will still have liquid assets of $13 billion
bull Assuming that it raises $1 billion in equity and another $84 billion in debt its debt lever will jump from
current 01 to 11 times its equity DE ratios for global telcos that operate in multiple markets share a wider
range For instance UKrsquos Vodafone with operations in 20 countries has a DE of 05 For Spainrsquos Telefonica
(22 countries) it is 27
bull If Bharti decides to fund the acquisition entirely through debt its DE ratio will be at 12 which may not
strain its balance sheet This still looks comfortable for a company like Bharti which operates in a capital-
intensive but cash-positive business
bull The company is likely to finance nearly all the deals purchase price with foreign currency loans
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 56
983093
Conclusion
There is a structural shift on the telecom space because the growth rates are topping out and over the last few
quarters the operating profit margins for most of the players have been under pressure The direction which
Bharti took was to address that concern to sustain growth rates over the next few years However the
valuations that one is paying are little bit on the higher side However Bharti is going to be generating pretty
good amount of cash flows over the next few quarters Bhartirsquos key strategic move gives a strong presence in
the high potential African telecom market However we are optimistic that if Zain starts performing the deal
could reap returns to Bharti in the long term
________________________________________________________________________
Disclaimer
This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or
sale of any financial instrument or as an official confirmation of any transaction The information contained
herein is from publicly available data or other sources believed to be reliable but we do not represent that it is
accurate or complete and it should not be relied on as suchFirstcall India Equity Advisors PvtLtd or any of itrsquos
affiliates shall not be in any way responsible for any loss or damage that may arise to any person from any
inadvertent error in the information contained in this report This document is provide for assistance only and is
not intended to be and must not alone be taken as the basis for an investment decision
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 66
983094
Firstcall India Equity Research Email ndash infofirstcallindiacom
B Harikrishna Banking
B Prathap IT
A Rajesh Babu FMCG
CVSLKameswari Pharma
U Janaki Rao Capital Goods
E Swethalatha Oil amp Gas
D Ashakirankumar Automobile
Rachna Twari Diversified
Kavita Singh Diversified
Nimesh Gada Diversified
Priya Shetty DiversifiedTarang Pawar Diversified
Neelam Dubey Diversified
Firstcall India also provides
Firstcall India Equity Advisors PvtLtd focuses on IPOrsquos QIPrsquos FPOrsquos Takeover
Offers Offer for Sale and Buy Back Offerings
Corporate Finance Offerings include Foreign Currency Loan Syndications
Placement of Equity Debt with multilateral organizations Short Term Funds
Management Debt amp Equity Working Capital Limits Equity amp Debt
Syndications and Structured Deals
Corporate Advisory Offerings include Mergers amp Acquisitions (domestic and
cross-border) divestitures spin-offs valuation of business corporate
Restructuring-Capital and Debt Turnkey Corporate Revival ndash Planning amp
Execution Project Financing Venture capital Private Equity and Financial
Joint Ventures
Firstcall India also provides Financial Advisory services with respect to raising
of capital through FCCBs GDRs ADRs and listing of the same on International
Stock Exchanges namely AIMs Luxembourg Singapore Stock Exchanges and
Other international stock exchanges
For Further Details Contact
3rd Floor Sankalp The Bureau DrRCMarg Chembur Mumbai 400 071
Tel 022-2527 25102527 607725276089 Telefax 022-25276089
E-mail infofirstcallindiaequitycom
www irstcallindiae uit com
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 26
983090
bull African telecom market has scope for penetration If Bharti is able to implement its low tariff scheme there
successfully the deal could prove to be value accretive
bull Bharti gains access to at least three African countries where Zain enjoys a clear hegemony Zain commands
two-thirds of the mobile market in Niger Malawi and Chad
bull These markets also have operating margins in excess of 40 in line with Bhartirsquos India operations Further
with mobile penetration of less than 20 Bharti stands a fair chance to expand its footprint in these highly
lucrative markets
bull Moreover despite its poor financial performance in Africa Zainrsquos average revenue per user (ARPU) of $82 is
much better than Bhartirsquos $5 This means Bharti may be able to rake in profits from these markets if it
controls costs effectively
Major Issues in the Deal
bull Zains African business has $2 billion of debt on its books
bull Regulatory issues which were widely blamed as a deal-breaker in the BhartiMTN talks are not seen as a
major concern But legal disputes surrounding Zains Nigerian unit the biggest among its African assets
could potentially delay or disrupt a deal
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 36
983091
bull Bhartirsquos success with Zain will hinge upon how fast it is able to grow the African operations post acquisition
But this looks much more daunting This is because nine out of Zainrsquos 15 African markets are well penetrated
with more than 33 subscriber population
bull Further mobile penetration is exceeds 45 in five markets These include Ghana and Nigeria where Zainrsquos
operations are bleeding due to stiff competition from MTN which is the numero uno in these regions Zain is
also suffering losses in Uganda again a territory with 35 penetration and has MTN as the market leader
bull With substantial market penetration and MTN as a bigger competitor Bharti will find it very tough to turn
around Zainrsquos loss-making operations Zainrsquos African operations have posted a loss of $111 million in nine
months ended September 2009
bull Zain is not as strong a player in the African region as its bigger peer MTN Bharti may have to compete head
on with its former acquisition target MTN in at least four makets
bull A dispute over the ownership of Zainrsquos crucial Nigerian unit as well as a legal offensive by a minority
shareholder could complicate for this deal
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 46
983092
Deal structure
This is an all-cash deal Bharti would give to Zain $10 billion within a month of signing and then $700 million
by the year-end There is also a $2-billion debt on the balance sheet of Zain Africa which they will assume
Besides there are two loans on Zain Africarsquos balance sheetsmdasha $17-billion loan and a $23-billion loan given
by Zain International When Bharti gives them the moneyZain will pay off the $23-billion loan given by Zain
International and only the $17-billion loan will remain on Zain Africarsquos balance sheet
Source of funds
bull Bharti will most likely finance the deal through a combination of debt and equity After excluding $300 million
that it has agreed to pay to acquire Warid of Bangladesh Bharti will still have liquid assets of $13 billion
bull Assuming that it raises $1 billion in equity and another $84 billion in debt its debt lever will jump from
current 01 to 11 times its equity DE ratios for global telcos that operate in multiple markets share a wider
range For instance UKrsquos Vodafone with operations in 20 countries has a DE of 05 For Spainrsquos Telefonica
(22 countries) it is 27
bull If Bharti decides to fund the acquisition entirely through debt its DE ratio will be at 12 which may not
strain its balance sheet This still looks comfortable for a company like Bharti which operates in a capital-
intensive but cash-positive business
bull The company is likely to finance nearly all the deals purchase price with foreign currency loans
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 56
983093
Conclusion
There is a structural shift on the telecom space because the growth rates are topping out and over the last few
quarters the operating profit margins for most of the players have been under pressure The direction which
Bharti took was to address that concern to sustain growth rates over the next few years However the
valuations that one is paying are little bit on the higher side However Bharti is going to be generating pretty
good amount of cash flows over the next few quarters Bhartirsquos key strategic move gives a strong presence in
the high potential African telecom market However we are optimistic that if Zain starts performing the deal
could reap returns to Bharti in the long term
________________________________________________________________________
Disclaimer
This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or
sale of any financial instrument or as an official confirmation of any transaction The information contained
herein is from publicly available data or other sources believed to be reliable but we do not represent that it is
accurate or complete and it should not be relied on as suchFirstcall India Equity Advisors PvtLtd or any of itrsquos
affiliates shall not be in any way responsible for any loss or damage that may arise to any person from any
inadvertent error in the information contained in this report This document is provide for assistance only and is
not intended to be and must not alone be taken as the basis for an investment decision
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 66
983094
Firstcall India Equity Research Email ndash infofirstcallindiacom
B Harikrishna Banking
B Prathap IT
A Rajesh Babu FMCG
CVSLKameswari Pharma
U Janaki Rao Capital Goods
E Swethalatha Oil amp Gas
D Ashakirankumar Automobile
Rachna Twari Diversified
Kavita Singh Diversified
Nimesh Gada Diversified
Priya Shetty DiversifiedTarang Pawar Diversified
Neelam Dubey Diversified
Firstcall India also provides
Firstcall India Equity Advisors PvtLtd focuses on IPOrsquos QIPrsquos FPOrsquos Takeover
Offers Offer for Sale and Buy Back Offerings
Corporate Finance Offerings include Foreign Currency Loan Syndications
Placement of Equity Debt with multilateral organizations Short Term Funds
Management Debt amp Equity Working Capital Limits Equity amp Debt
Syndications and Structured Deals
Corporate Advisory Offerings include Mergers amp Acquisitions (domestic and
cross-border) divestitures spin-offs valuation of business corporate
Restructuring-Capital and Debt Turnkey Corporate Revival ndash Planning amp
Execution Project Financing Venture capital Private Equity and Financial
Joint Ventures
Firstcall India also provides Financial Advisory services with respect to raising
of capital through FCCBs GDRs ADRs and listing of the same on International
Stock Exchanges namely AIMs Luxembourg Singapore Stock Exchanges and
Other international stock exchanges
For Further Details Contact
3rd Floor Sankalp The Bureau DrRCMarg Chembur Mumbai 400 071
Tel 022-2527 25102527 607725276089 Telefax 022-25276089
E-mail infofirstcallindiaequitycom
www irstcallindiae uit com
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 36
983091
bull Bhartirsquos success with Zain will hinge upon how fast it is able to grow the African operations post acquisition
But this looks much more daunting This is because nine out of Zainrsquos 15 African markets are well penetrated
with more than 33 subscriber population
bull Further mobile penetration is exceeds 45 in five markets These include Ghana and Nigeria where Zainrsquos
operations are bleeding due to stiff competition from MTN which is the numero uno in these regions Zain is
also suffering losses in Uganda again a territory with 35 penetration and has MTN as the market leader
bull With substantial market penetration and MTN as a bigger competitor Bharti will find it very tough to turn
around Zainrsquos loss-making operations Zainrsquos African operations have posted a loss of $111 million in nine
months ended September 2009
bull Zain is not as strong a player in the African region as its bigger peer MTN Bharti may have to compete head
on with its former acquisition target MTN in at least four makets
bull A dispute over the ownership of Zainrsquos crucial Nigerian unit as well as a legal offensive by a minority
shareholder could complicate for this deal
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 46
983092
Deal structure
This is an all-cash deal Bharti would give to Zain $10 billion within a month of signing and then $700 million
by the year-end There is also a $2-billion debt on the balance sheet of Zain Africa which they will assume
Besides there are two loans on Zain Africarsquos balance sheetsmdasha $17-billion loan and a $23-billion loan given
by Zain International When Bharti gives them the moneyZain will pay off the $23-billion loan given by Zain
International and only the $17-billion loan will remain on Zain Africarsquos balance sheet
Source of funds
bull Bharti will most likely finance the deal through a combination of debt and equity After excluding $300 million
that it has agreed to pay to acquire Warid of Bangladesh Bharti will still have liquid assets of $13 billion
bull Assuming that it raises $1 billion in equity and another $84 billion in debt its debt lever will jump from
current 01 to 11 times its equity DE ratios for global telcos that operate in multiple markets share a wider
range For instance UKrsquos Vodafone with operations in 20 countries has a DE of 05 For Spainrsquos Telefonica
(22 countries) it is 27
bull If Bharti decides to fund the acquisition entirely through debt its DE ratio will be at 12 which may not
strain its balance sheet This still looks comfortable for a company like Bharti which operates in a capital-
intensive but cash-positive business
bull The company is likely to finance nearly all the deals purchase price with foreign currency loans
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 56
983093
Conclusion
There is a structural shift on the telecom space because the growth rates are topping out and over the last few
quarters the operating profit margins for most of the players have been under pressure The direction which
Bharti took was to address that concern to sustain growth rates over the next few years However the
valuations that one is paying are little bit on the higher side However Bharti is going to be generating pretty
good amount of cash flows over the next few quarters Bhartirsquos key strategic move gives a strong presence in
the high potential African telecom market However we are optimistic that if Zain starts performing the deal
could reap returns to Bharti in the long term
________________________________________________________________________
Disclaimer
This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or
sale of any financial instrument or as an official confirmation of any transaction The information contained
herein is from publicly available data or other sources believed to be reliable but we do not represent that it is
accurate or complete and it should not be relied on as suchFirstcall India Equity Advisors PvtLtd or any of itrsquos
affiliates shall not be in any way responsible for any loss or damage that may arise to any person from any
inadvertent error in the information contained in this report This document is provide for assistance only and is
not intended to be and must not alone be taken as the basis for an investment decision
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 66
983094
Firstcall India Equity Research Email ndash infofirstcallindiacom
B Harikrishna Banking
B Prathap IT
A Rajesh Babu FMCG
CVSLKameswari Pharma
U Janaki Rao Capital Goods
E Swethalatha Oil amp Gas
D Ashakirankumar Automobile
Rachna Twari Diversified
Kavita Singh Diversified
Nimesh Gada Diversified
Priya Shetty DiversifiedTarang Pawar Diversified
Neelam Dubey Diversified
Firstcall India also provides
Firstcall India Equity Advisors PvtLtd focuses on IPOrsquos QIPrsquos FPOrsquos Takeover
Offers Offer for Sale and Buy Back Offerings
Corporate Finance Offerings include Foreign Currency Loan Syndications
Placement of Equity Debt with multilateral organizations Short Term Funds
Management Debt amp Equity Working Capital Limits Equity amp Debt
Syndications and Structured Deals
Corporate Advisory Offerings include Mergers amp Acquisitions (domestic and
cross-border) divestitures spin-offs valuation of business corporate
Restructuring-Capital and Debt Turnkey Corporate Revival ndash Planning amp
Execution Project Financing Venture capital Private Equity and Financial
Joint Ventures
Firstcall India also provides Financial Advisory services with respect to raising
of capital through FCCBs GDRs ADRs and listing of the same on International
Stock Exchanges namely AIMs Luxembourg Singapore Stock Exchanges and
Other international stock exchanges
For Further Details Contact
3rd Floor Sankalp The Bureau DrRCMarg Chembur Mumbai 400 071
Tel 022-2527 25102527 607725276089 Telefax 022-25276089
E-mail infofirstcallindiaequitycom
www irstcallindiae uit com
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 46
983092
Deal structure
This is an all-cash deal Bharti would give to Zain $10 billion within a month of signing and then $700 million
by the year-end There is also a $2-billion debt on the balance sheet of Zain Africa which they will assume
Besides there are two loans on Zain Africarsquos balance sheetsmdasha $17-billion loan and a $23-billion loan given
by Zain International When Bharti gives them the moneyZain will pay off the $23-billion loan given by Zain
International and only the $17-billion loan will remain on Zain Africarsquos balance sheet
Source of funds
bull Bharti will most likely finance the deal through a combination of debt and equity After excluding $300 million
that it has agreed to pay to acquire Warid of Bangladesh Bharti will still have liquid assets of $13 billion
bull Assuming that it raises $1 billion in equity and another $84 billion in debt its debt lever will jump from
current 01 to 11 times its equity DE ratios for global telcos that operate in multiple markets share a wider
range For instance UKrsquos Vodafone with operations in 20 countries has a DE of 05 For Spainrsquos Telefonica
(22 countries) it is 27
bull If Bharti decides to fund the acquisition entirely through debt its DE ratio will be at 12 which may not
strain its balance sheet This still looks comfortable for a company like Bharti which operates in a capital-
intensive but cash-positive business
bull The company is likely to finance nearly all the deals purchase price with foreign currency loans
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 56
983093
Conclusion
There is a structural shift on the telecom space because the growth rates are topping out and over the last few
quarters the operating profit margins for most of the players have been under pressure The direction which
Bharti took was to address that concern to sustain growth rates over the next few years However the
valuations that one is paying are little bit on the higher side However Bharti is going to be generating pretty
good amount of cash flows over the next few quarters Bhartirsquos key strategic move gives a strong presence in
the high potential African telecom market However we are optimistic that if Zain starts performing the deal
could reap returns to Bharti in the long term
________________________________________________________________________
Disclaimer
This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or
sale of any financial instrument or as an official confirmation of any transaction The information contained
herein is from publicly available data or other sources believed to be reliable but we do not represent that it is
accurate or complete and it should not be relied on as suchFirstcall India Equity Advisors PvtLtd or any of itrsquos
affiliates shall not be in any way responsible for any loss or damage that may arise to any person from any
inadvertent error in the information contained in this report This document is provide for assistance only and is
not intended to be and must not alone be taken as the basis for an investment decision
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 66
983094
Firstcall India Equity Research Email ndash infofirstcallindiacom
B Harikrishna Banking
B Prathap IT
A Rajesh Babu FMCG
CVSLKameswari Pharma
U Janaki Rao Capital Goods
E Swethalatha Oil amp Gas
D Ashakirankumar Automobile
Rachna Twari Diversified
Kavita Singh Diversified
Nimesh Gada Diversified
Priya Shetty DiversifiedTarang Pawar Diversified
Neelam Dubey Diversified
Firstcall India also provides
Firstcall India Equity Advisors PvtLtd focuses on IPOrsquos QIPrsquos FPOrsquos Takeover
Offers Offer for Sale and Buy Back Offerings
Corporate Finance Offerings include Foreign Currency Loan Syndications
Placement of Equity Debt with multilateral organizations Short Term Funds
Management Debt amp Equity Working Capital Limits Equity amp Debt
Syndications and Structured Deals
Corporate Advisory Offerings include Mergers amp Acquisitions (domestic and
cross-border) divestitures spin-offs valuation of business corporate
Restructuring-Capital and Debt Turnkey Corporate Revival ndash Planning amp
Execution Project Financing Venture capital Private Equity and Financial
Joint Ventures
Firstcall India also provides Financial Advisory services with respect to raising
of capital through FCCBs GDRs ADRs and listing of the same on International
Stock Exchanges namely AIMs Luxembourg Singapore Stock Exchanges and
Other international stock exchanges
For Further Details Contact
3rd Floor Sankalp The Bureau DrRCMarg Chembur Mumbai 400 071
Tel 022-2527 25102527 607725276089 Telefax 022-25276089
E-mail infofirstcallindiaequitycom
www irstcallindiae uit com
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 56
983093
Conclusion
There is a structural shift on the telecom space because the growth rates are topping out and over the last few
quarters the operating profit margins for most of the players have been under pressure The direction which
Bharti took was to address that concern to sustain growth rates over the next few years However the
valuations that one is paying are little bit on the higher side However Bharti is going to be generating pretty
good amount of cash flows over the next few quarters Bhartirsquos key strategic move gives a strong presence in
the high potential African telecom market However we are optimistic that if Zain starts performing the deal
could reap returns to Bharti in the long term
________________________________________________________________________
Disclaimer
This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or
sale of any financial instrument or as an official confirmation of any transaction The information contained
herein is from publicly available data or other sources believed to be reliable but we do not represent that it is
accurate or complete and it should not be relied on as suchFirstcall India Equity Advisors PvtLtd or any of itrsquos
affiliates shall not be in any way responsible for any loss or damage that may arise to any person from any
inadvertent error in the information contained in this report This document is provide for assistance only and is
not intended to be and must not alone be taken as the basis for an investment decision
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 66
983094
Firstcall India Equity Research Email ndash infofirstcallindiacom
B Harikrishna Banking
B Prathap IT
A Rajesh Babu FMCG
CVSLKameswari Pharma
U Janaki Rao Capital Goods
E Swethalatha Oil amp Gas
D Ashakirankumar Automobile
Rachna Twari Diversified
Kavita Singh Diversified
Nimesh Gada Diversified
Priya Shetty DiversifiedTarang Pawar Diversified
Neelam Dubey Diversified
Firstcall India also provides
Firstcall India Equity Advisors PvtLtd focuses on IPOrsquos QIPrsquos FPOrsquos Takeover
Offers Offer for Sale and Buy Back Offerings
Corporate Finance Offerings include Foreign Currency Loan Syndications
Placement of Equity Debt with multilateral organizations Short Term Funds
Management Debt amp Equity Working Capital Limits Equity amp Debt
Syndications and Structured Deals
Corporate Advisory Offerings include Mergers amp Acquisitions (domestic and
cross-border) divestitures spin-offs valuation of business corporate
Restructuring-Capital and Debt Turnkey Corporate Revival ndash Planning amp
Execution Project Financing Venture capital Private Equity and Financial
Joint Ventures
Firstcall India also provides Financial Advisory services with respect to raising
of capital through FCCBs GDRs ADRs and listing of the same on International
Stock Exchanges namely AIMs Luxembourg Singapore Stock Exchanges and
Other international stock exchanges
For Further Details Contact
3rd Floor Sankalp The Bureau DrRCMarg Chembur Mumbai 400 071
Tel 022-2527 25102527 607725276089 Telefax 022-25276089
E-mail infofirstcallindiaequitycom
www irstcallindiae uit com
8122019 Fce BhartiAirtel-Zain Deal 16Feb10
httpslidepdfcomreaderfullfce-bhartiairtel-zain-deal-16feb10 66
983094
Firstcall India Equity Research Email ndash infofirstcallindiacom
B Harikrishna Banking
B Prathap IT
A Rajesh Babu FMCG
CVSLKameswari Pharma
U Janaki Rao Capital Goods
E Swethalatha Oil amp Gas
D Ashakirankumar Automobile
Rachna Twari Diversified
Kavita Singh Diversified
Nimesh Gada Diversified
Priya Shetty DiversifiedTarang Pawar Diversified
Neelam Dubey Diversified
Firstcall India also provides
Firstcall India Equity Advisors PvtLtd focuses on IPOrsquos QIPrsquos FPOrsquos Takeover
Offers Offer for Sale and Buy Back Offerings
Corporate Finance Offerings include Foreign Currency Loan Syndications
Placement of Equity Debt with multilateral organizations Short Term Funds
Management Debt amp Equity Working Capital Limits Equity amp Debt
Syndications and Structured Deals
Corporate Advisory Offerings include Mergers amp Acquisitions (domestic and
cross-border) divestitures spin-offs valuation of business corporate
Restructuring-Capital and Debt Turnkey Corporate Revival ndash Planning amp
Execution Project Financing Venture capital Private Equity and Financial
Joint Ventures
Firstcall India also provides Financial Advisory services with respect to raising
of capital through FCCBs GDRs ADRs and listing of the same on International
Stock Exchanges namely AIMs Luxembourg Singapore Stock Exchanges and
Other international stock exchanges
For Further Details Contact
3rd Floor Sankalp The Bureau DrRCMarg Chembur Mumbai 400 071
Tel 022-2527 25102527 607725276089 Telefax 022-25276089
E-mail infofirstcallindiaequitycom
www irstcallindiae uit com