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www.sterlitetechnologies.com
Sterlite Technologies Limited
Investor Presentation
May 2015
www.sterlitetechnologies.com
Disclaimer
Certain words and statements in this communication concerning Sterlite Technologies Limited (“the Company”) and its prospects, and other statements
relating to the Company’s expected financial position, business strategy, the future development of the Company’s operations and the general economy
in India & global markets, are forward looking statements.
Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of the
Company, or industry results, to differ materially from those expressed or implied by such forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the
environment in which the Company will operate in the future.
The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include,
among others, changes in government policies or regulations of India and, in particular, changes relating to the administration of the Company’s
industry, and changes in general economic, business and credit conditions in India.
The information contained in this presentation is only current as of its date and has not been independently verified. No express or implied
representation or warranty is made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or
contained in this presentation. None of the Company or any of its affiliates, advisers or representatives accepts any liability whatsoever for any loss
howsoever arising from any information presented or contained in this presentation. Please note that the past performance of the Company is not, and
should not be considered as, indicative of future results. Furthermore, no person is authorized to give any information or make any representation which
is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made,
should not be relied upon as having been authorized by or on behalf of the Company.
The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of such
revision or changes.
These materials are confidential, are being given solely for your information and for your use, and may not be copied, reproduced or redistributed to any
other person in any manner. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any persons in possession
of this presentation should inform themselves about and observe any such restrictions
2
www.sterlitetechnologies.com
Company overview
www.sterlitetechnologies.com
Sterlite Technologies: One of the leading global providers of
solutions in telecom and power transmission
4
FY15 Net Revenues*
Of the global top 10 telecos
Use Sterlite’s innovative solutions
Vedanta Group*
Shares the same lineage
as the
FY15 Consolidated EBITDA*
Consolidated revenues
are from international markets*
Business Lines
Operates in 2 Sectors
Telecom & Power
Full time Employee
Patents in USA, EU, India, China &
53 more under consideration
Locations India, China & Brazil
Global sales presence with
manufacturing locations in
* As of FY15 consolidated numbers
www.sterlitetechnologies.com
Key Markets
Major
competitors
Key FY15
Financials
(Rs. mn)*
Offering
• Optical fibers & preform
• Fiber optic cables
• Data Cables
• System integration and
FTTH solutions
• Power conductors
• HV/EHV cables
• OPGW
• T&D engineering solution
• 6 projects across 11 states
won through competitive
bidding on BOOM basis
• 5000 km circuit
transmission lines and 3
substations
• Europe, China and Middle
East
• America, Middle East, Africa
and Asia • India
• Corning (US) and Prysmian
(Italy)
• Apar Industries (India) and
Midal (Middle East)
• Power Grid (India) and L&T
(India)
• Revenue: 15,764
• EBITDA: 3,452
• Revenue: 14,730
• EBITDA: 352
• Revenue: 1,539
• EBITDA: 1,320
Telecom Power Products and Transmission Grid
* Consolidated financials before inter-segment eliminations
Our business verticals
5
Proposed to be demerged
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
www.sterlitetechnologies.com
Telecom
• Optical Fiber (Capacity: 20 mn fkm)–
Aurangabad(India) and Haimen, Jiangsu
Province (China)
• Optical Fiber Cable (Capacity: 8 mn fkm
being increased to 15m fkm)– Silvassa
(India) and Curitiba (Brazil)
Capacity being increased to 15mn fkm
• Structured data cables – Silvassa (India)
Power Products
• Conductors (Capacity: 1,60,000
tonnes) Silvassa (India) and Jharsuguda
(India)
• HV and EHV Cables Hairdwar (India)
Manufacturing Locations
• China - 75%:25% with Tongguang for
drawing optic fiber
• Brazil - 50:50 JV with Conduspar for
fiber cabling
Joint Ventures
Sales
Manufacturing
Market presence
Global presence ensures proximity to our clients
6
• China, India, Netherlands, Russia,
South Africa, Turkey, UAE, UK
Sales Offices
Services and Solutions
Telecom
• NFS Project execution in J&K
Power
• 6 Grid projects across 11 states in India
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
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Evolution from products to an engineering company
7
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
• Incorporated
Copper telecom
cables Facility
1993
• Fiber optic cables
facility setup
• Optical fiber
facility set-up at
Aurangabad
2000
• Demerger from
Sterlite Industries
• Acquisition of power
conductors business
• Commencement of
Grid business
2010
• JV with TG for fiber
facility in China
• Set-up of EHV power
cables facility at
Haridwar
• JV with Conduspar in
Brazil for fiber cable
• Commissioned
India’s first UMTP (in
record 26 months)
2013
• Secured prestigious NFS
project to implement end
to end OF Network for
Defense services
• Added sixth UMTP project
1988 1995 2006 2012 2014
Erstwhile Sterlite Industries Sterlite Optical Technologies renamed to Sterlite Technologies
2015
• Demerger
Announced
www.sterlitetechnologies.com
STL offers a unique proposition
8
Unique opportunity to participate in the growth of the telecom and power sector in India as well as globally
Underlying industry dynamics are very attractive – telecom led by the exponential growth in data consumption
and power led by increase in per capita power consumption
Sterlite Technologies operates on a global scale – 20m fkm fully integrated optical fiber plant in India and
160,000MT for power conductors – capacities are well invested
Full control over the value chain by way of backward integration allowing for significant cost advantage
Sterlite Technologies offers complete end to end solutions for high speed data transmission and high voltage
power transmission
Strategic JV and tie ups with reputed partners globally led by a strong management team
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
www.sterlitetechnologies.com
Telecom Business
www.sterlitetechnologies.com
Products
• Optical fibers & preform
• Fiber optic cables
• Structured data cables
• Dedicated Center of
Excellence
• Low loss to bend Insensitive
Fibres
• For Long-Haul to Last Mile
communication
applications
Solutions
• System and network
integration
• End-to-end project
management
• Technology platform
deployment MPLS,
GPON, DWDM, etc.
• Core, metro and access
network
• Network engineering,
Roll out, Integration
and O&M
Key metrics (FY 15)
• Fiber volumes 17.7m fKm
• OF Cable volume 7.7m fKm
• Consolidated revenue of Rs.
15,764 mn
• EBITDA of Rs. 3,452 mn
Key Customers
• Global Telecom Service
• Internet Service Providers
• MSO/CATV Operators
• Govt. of India agencies
Our telecom business
10
Infrastructure
• Specialized team with
FTTH experience
• Build, Install, Own and
Manage
• Neutral access network
• Over 180,000 homes
connected across 8
major cities
Full control over the entire value chain
Raw materials
• Silica & Power
• Certain natural
gases
Preform
• Integrated
Core rod +
cladding
Optic fiber
• 16m fkm
drawing India
and 4m fkm
in China
OF cable
• Portfolio
catering to
diverse end
use
Solutions
• High speed
broadband
networks
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
www.sterlitetechnologies.com
Source : Industry Estimates
Various economies at
different stages of fiber
deployment should help
sustain global growth
Data consumption continues to grow fiber demand
11
Mobile data to grow 44% CAGR
vs 15% for fixed internet
62 75
95
118
140
173
189
218
245
263
297
0
50
100
150
200
250
300
350
400
450
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Mill
ion
Fib
er K
m
China India North America Europe Others World Total
62 76 91
110 132
0
50
100
150
200
250
300
CY 2014 CY 2015 CY 2016 CY 2017 CY 2018
'00
0 P
etab
yte/
mo
nth
Fixed Internet Managed IP Mobile Data
844
380 327
83 71 54
0
100
200
300
400
500
600
700
800
900
China UnitedStates
Europe India LatinAmerica
Africa
India as a market is under
fiberized – optical fiber cable
deployment in India in 1/10th
the cable deployed in China
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
www.sterlitetechnologies.com
Long term sustainable demand going forward
Leveraging the growth in India – Products to Solutions
12
Current project highlights
National Optic Fibre Network (NOFN)
• Secured largest share within the country for cable supply
Network for Spectrum (NFS)
• Turnkey deployment of network in J&K worth Rs. 16,500 mn and supply of cable worth Rs. 3,000 mn to other participants
Private Telco rollout
• Ongoing supply of OFC to RelianceJio, Bharti Airtel and other Indian operators
Infrastructure Solutions Products
Opportunities
To become an End-to-End Service Provider
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
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Source : Company
Volumes (m fiber km) Order Book (Rs Mn)
2,000 3,450
21,876
24,000 23,000
21,000
-
5,000
10,000
15,000
20,000
25,000
30,000
Q3 FY14 Q4 FY14 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15
Ord
er b
oo
k in
Rs
Mn
Resulting in improved volumes & order book
13
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
www.sterlitetechnologies.com
Power Business
www.sterlitetechnologies.com
Our power business
15
Products
• Full range conductors from
ACSR to high performance
conductors
• HV and EHV cables from
voltage grade of 6.6 kV to
220 kV
• Optical Ground Wire
(OPGW) that leverage core
expertise in power
conductors & fiber optic
cables
Solutions
• Engineering T&D
networks & re-
conductoring solutions
• Enhancing current
carrying capacity
• End-to-end project
management
• Engineering,
Integration, Roll out
and O&M
Key metrics (FY 15)
• Capacity : 160,000 MT
• Volume of conductor sold :
77,996 MT
• Consolidated revenue of Rs.
16,268 mn
• EBITDA of Rs. 1671 mn
Key Customers
• Central and Private sector
power utilities
• State Electricity Boards
• EPC contractors
Infrastructure
• Largest private sector
independent power
transmission company
in India
• 6 Projects in Portfolio
• $1.3 bn capital
commitment
• 5000 Km transmission
lines & 3 substations
across 11 states
Full control over the entire value chain
Raw materials Products Engineering Power Grids
• Aluminium
• Other alloys
• HV and EHV
product line
• Heli stringing and
live line
reconductoring
• Inter State
Transmission
networks
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
www.sterlitetechnologies.com
765 KV D/C
765 KV S/C
400 KV D/C
2x1500 mVA,
765/400 kV Substation
Dhule
Vadodara
Aurangabad
Indore
Bina
Bhopal
Jabalpur
Bihar
Sharif
Purnia
Siliguri
Bongaigaon
Dharamjaygarh
Kota
Shujalpur
Purlia
Ranchi
Kharagpur Chaibasa
5
4
2 1
3
6
400/220 kV Substation
Jalandhar
Amargarh
Note: Map is representative of project locations and transmission lines not to scale
Connecting key generating centers with load centers
Build-Own-Operate-Maintain (BOOM) Model with 6 Projects in Portfolio
o 5000 Km circuit transmission lines & 3 substations across 11 states
o Estimated capital expenditure of Rs 80,000 mn
o One project fully commissioned, all 6 to be commissioned by FY20
One of the lowest risk profiles as compared to other segments within the Infrastructure segment
o Fixed annuity model (35 years) with high quality of receivables that is not dependent on power flow
o Perpetual assets with minimum maintenance capex
o Assets have opportunity for additional revenue generation
SCPE has entered into agreements for a Rs. 5 bn equity investment - the first foreign investment into India’s power transmission sector
16
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
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Project name States covered Other details Line length
(kms)
Expected
operation by
Approx. Level
Tariff (Rs Mn)^
East North
Interconnect Assam, Bihar & West Bengal 2 * 400 kV double circuit 450 Commissioned 1,180
Jabalpur
transmission
Chhattisgarh, Madhya
Pradesh
1 * 765 kV single circuit
1 * 765 kV double circuit 610 Jun-15 1,400
Bhopal – Dhule Madhya Pradesh,
Maharashtra & Gujarat
4 * 765 kV single circuit
2 * 400 kV double circuit
2 sub stations
990 June-15 2,000
Rajasthan Atomic
Power Rajasthan & Madhya Pradesh 1 * 400 kV double circuit 200 Mar-16 400
Purulia &
Kharagpur West Bengal &Jharkhand 2 * 400 kV double circuit 270 Mar-16 600
NRSS 29 Punjab & Jammu & Kashmir 3 * 400 kV double circuit
1 substation 440 Jul-18 4,400 6
5
4
3
2
1
^ Levelised tariff for 25 years for East North Interconnect project; 35 years for all other projects
Business Model
Pre-bid steps Execution Post COD
• Detailed route planning
• leverage in house engineering
capabilities
• Network planning and detailed
cost estimates
• Strong project management
• Use global vendors and
international best practices
• Monetization and asset rotation
• Financial engineering
Infrastructure project details
17
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
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Order book for power segment (in Rs. Mn)
The India opportunity leading to a strong and diversified
order book
18
3,390 2,890 2,624 2,567 3,088 3,101
7,547 6,450 7,018
12,169 11,219 12,216
13,063
12,420 12,519
10,579 9,853
10,505
24,000
21,760 22,161
25,314 24,159
25,823
0
5,000
10,000
15,000
20,000
25,000
30,000
Q3 FY14 Q4 FY14 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15
PGCIL Others Exports Total
Conducive macro environment
• Opportunity being driven by growth in generation
capacity and increased residential demand
• Policy changes transforming the Indian power sector
– more private sector participation opportunities
• Growth in renewable energy will increase demand for
T&D evacuation capacity
• A number of projects to be commissioned across
strengthening and capacity augmentation projects
• TBCB model for power transmission projects well
accepted and should become more widespread even
at state level
• Improving financial profile of participants in the
sector
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
www.sterlitetechnologies.com
Demerger Update
www.sterlitetechnologies.com
Restructuring to create focused pure play opportunities
20
Promoters
STL
Telecom division
Power Products division
Grid Projects subsidiary
Public shareholders
45.2% 54.8%
Standard Chartered PE
Demerger of power products
division and transmission grid
business undertaking
Sterlite Power Transmission
Ltd
100%
Current Structure Post Restructuring
Promoters
STL
Telecom Business
Public shareholders
45.2% 54.8%
Promoters
Sterlite Power Transmission Ltd.
(SPTL)
Power Products Business
Grid Projects subsidiary
Public shareholders
Standard Chartered PE
27.1% fully diluted 27.1% fully
diluted
STL*
Revenue : 1,619
EBITDA: 345
Net Debt: 674
SPTL*
Revenue : 1,478
EBITDA: 167
Net Debt: 4,207
Note : * In Rs Cr . Based on FY 15 consolidated basis , numbers are representative and have not been audited
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
www.sterlitetechnologies.com
Options for shareholders
21
5 shares
Option A
5 shares in STL
STL Telecom (Listed)
Value of share Rs 112.30 (based on 5:1 ratio) implying per share value of
STL at Rs22.46
SPTL (Unlisted equity)
1 RPS to be redeemed at the end of 18 months for Rs 125.80 with
dividend
SPTL Listed RPS Option B
SPTL Listed RPS Option C
1 RPS to be redeemed within30 days of Effective Date for Rs 112.30
Scheme offers multiple options to cater to investor’s preference
• Option A : Continue to hold equity shares and partner in the value creation
of the power sector
In case shareholder is unable to hold shares due to conflict with their investment
mandate then will be issued Redeemable Preference Shares (RPS)
• Option B : Provides a liquidity event at the end of 18 months
• Option C : Provides an initial liquidity window for 30 days
Note : * Representative for resident shareholders options for other shareholders and Promoters may be different and is covered in the scheme document
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
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Financials
www.sterlitetechnologies.com
Net Revenue EBITDA & EBITDA Margin
Net Debt*
* Gross Debt – Cash – Inv
Cumulative contribution by STL in Transmission Projects
Rs.
Mn
R
s. M
n
Rs.
Mn
R
s. M
n
Our consolidated financials
23
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
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Proforma financials
24
Standalone Consolidated
Tel Power Tel Power
Revenue 1,530 1,500 Revenue 1,619 1,478
EBIDTA 345 41 EBIDTA 345 167
EBITDA margin 23% 3% EBITDA margin 21% 11%
Depreciation 76 32 Depreciation 96 89
Interest 53 126 Interest 75 252
Cash Profit 292 (85) Cash Profit 270 (84)
Tax 54 (40) Tax 55 (52)
PAT 161 (77) PAT 118 (121)
EPS 4.09 (1.95) EPS 2.99 (3.08)
Net Worth 668 575 Net Worth 600 469
Borrowing 502 875 Borrowing 674 4,207
Total 1,170 1,450 Minority Investment in Grid Business 0 450
Investment in Grid Business - 1,197 Total 1,275 5,126
Fixed Assets 705 242 Fixed Assets 984 5,264
Net Fund Involvement 465 11 Net Fund Involvement 290 (138)
FY 2014-15 (Carve out) FY 2014-15 (Carve out)
Balance Sheet as on Mar 31, 2015 Balance Sheet as on Mar 31, 2015
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
www.sterlitetechnologies.com
Way Forward
www.sterlitetechnologies.com
Business strategy and way forward
26
Demerger to create a winning outcome for all – two pure play focused companies with flexibility to pursue growth
independently
• Maintain strong presence in the Indian market
• Deeper penetration in export markets
• Focus on increasing sales of high performance conductors
• Providing more value added turnkey solution opportunities
• Take advantage of the India opportunity – Products + Services
• Leverage our manufacturing capabilities and increase utilisation
• Continue to increase share of cabling in overall mix (38% in FY14 and
44% in FY15)
• Increase penetration in global accounts
Telecom Products and
Solutions
Power Products and Solutions
• Focus on execution of existing projects
• Selectively monetize and refinance assets post CoD
• Strategically continue to bid for transmission projects in India
Power Transmission Grid
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
www.sterlitetechnologies.com
Appendix
www.sterlitetechnologies.com
Anupam Jindal, CFO
(18 years experience)
• Joined the Sterlite Group in 1998 and is
Chartered Accountant from the ICAI
• His key focus areas have been Finance,
Treasury, Accounts and MIS.
K. S. Rao, COO – Telecom & Power
Conductors (21 years exp)
• Joined Sterlite in 1993 and holds a
Bachelor’s degree in Mechanical
Engineering
• His key focus areas have been
engineering, mfgr, product and
business development
Ajay Bhardwaj, COO – Grid Business
(30 years experience)
• Joined Sterlite in 2011
• Worked in senior capacities in various
organisations ion projects in T&D,
Energy Management Systems.
• An electrical Engineer from IIT-Roorkee
Dr. Anand Agarwal, CEO
(19 years experience)
• Joined Sterlite in 1995 and B. Tech. in
Metallurgical Engineering from IIT-
Kanpur, Masters and Ph.D. from the
Rensselaer Polytechnic Institute, USA
Pravin Agarwal, Whole time Director
(30+ years experience)
• Closely involved with the Sterlite
Group’s operations in India since its
inception
• Has rich experience in general
management and commercial matters
Rajendra Mishra, COO - Power Cables
(24 years experience)
• Joined Sterlite in 2008 and holds a
Bachelor’s degree in Electrical and
Electronics Engineering from REC,
Suratkal
Pratik Agarwal Head-Infrastructure
Business (10+ years experience)
• He leads strategic business initiatives in
the infrastructure ownership space
• Completed his B.Eco from Wharton,
Pennsylvania and MBA from London
Business School
Ankit Agarwal Global Head - Telecom
Products (7+ years experience)
• Also responsible for identifying and
executing strategic opportunities
globally for Sterlite
• Holds a Bachelor’s degree from Univ. of
Southern California and MBA from
London Business School.
Pankaj Priyadarshi, CCO – SCM
(28 years of experience
• Joined Sterlite in 2012 and has completed
Mechanical Engineering from BITS Pilani
and a course on Strategic Sourcing
Management from IIM-Ahmedabad.
Professional Management Team
28
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
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Scheme highlights
29
• April 01, 2015 Appointed
Date
• For every 5 equity shares held in STL, retain 5 shares of STL + option to receive either:
– One equity share of face value Rs 2/- in SPTL; or
– One Redeemable Preference Shares (RPS) of face value of Rs 2/- each in SPTL with a dividend of 8% of
Face value per annum. The RPS can be redeemed for cash of Rs 125.80 per RPS with dividend after 18
months from allotment, alternative window to sell within 30 days of allotment to promoter or any
other entity appointed by promoter’s for Rs 112.30
Share
Entitlement
Ratio
• The demerger would be compliant with section 2(19AA) of the Income Tax Act
• Equity shares of Sterlite Power Transmission Ltd. is proposed to be kept unlisted
• RPS of Sterlite Power Transmission Ltd. are proposed to be listed
• Exit Options, as per Scheme will be made available to public shareholders
Other Key
Details
• Expected to complete by Q4-FY16
• Shareholders, Creditors, SEBI and Stock Exchanges, Bombay High Court, RBI and other applicable
regulatory authorities, if any
Timelines &
Approvals
• SPTL valued at Rs 885crore which is at the higher end of range 804crs to 885cr
• Implied value of demerged undertaking Rs 22.46 per share
• Valuation based on the independent valuers report issued by Price Waterhouse & Co. LLP and Haribhakti
& Co
Valuation
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business
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Options for public shareholders
30
• Options:
– Receive equity shares of SPTL , or
– Receive Redeemable Preference Shares (RPS) of SPTL and seek cash exit
from redemption of RPS after 18 months, or
– Sell RPS of SPTL to promoters and / or their affiliates within 30 days of
allotment
• Note:
– Where no option is exercised by a shareholder, the resulting company
will issue and allot equity shares as per the entitlement of such
shareholder
Resident shareholders of STL
• Receive equity shares of SPTL and sell shares of SPTL to promoters and / or
their affiliates
Non-Resident shareholders of STL#
(excluding FPIs and GDR holders)
• Options:
– GDR holders acting through their depository shall compulsorily sell to
promoters and / or their affiliates the equity shares of SPTL that they are
entitled to receive
– The merchant banker appointed by SPTL shall sell the equity shares and
distribute cash thereof to the GDR holders, net of withholding tax
GDR holders
Note: #If RBI approval is not received before the Effective Date, FPIs acting through a merchant banker appointed by SPTL will receive equity shares of SPTL. The merchant
banker shall sell the equity shares and distribute cash thereof to the FPIs, net of withholding tax. Where no option is exercised by a shareholder, the resulting company will
issue and allot equity shares as per the entitlement of such shareholder and such equity shares will be sold and cash proceeds will be distributed thereof, net of withholding tax
Foreign Portfolio Investors (FPI)*
• Options:
If RBI approval received
– Receive unlisted equity shares of SPTL which shall be compulsorily sold to the
promoters and / or their affiliates , or
– Receive listed RPS of SPTL and seek cash exit from redemption of RPS after 18
months, or
– Sell RPS of SPTL to promoters and / or their affiliates within 30 days of
allotment
If RBI approval not received
– FPIs acting through a merchant banker appointed under the Scheme will
receive equity shares of SPTL. The merchant banker shall sell the equity shares
and distribute cash thereof to the FPIs, net of withholding tax
Company Overview Way Forward Financials Demerger Update Appendix Telecom Business Power Business