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VSNL: First off the block - Views on News from Equitymaster
 
 
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  • Jul 13, 1999

    VSNL: First off the block

    The government is divesting 1 m shares (approximately 1% of total outstanding shares) of VSNL via a domestic public offering. The decision is unlikely to be affected by the code of conduct imposed by the Election Commission, in view of the impending elections, as the decision to go ahead with the issue was taken before the effective date of the imposition of the code.

    Videsh Sanchar Nigam Limited (VSNL) (FY99 Income Rs 71.76 bn) is India's monopoly provider of international telephony services. It also provides telex and telegraph services as well as value-added services such as leased lines, e-mail, internet and video conferencing.

    This disinvestment will dilute the government's holding to just over 51% from the current 53%. The disinvestment will also mark the beginning of the disinvestment process for the fiscal year FY2000, under which the government has taken credit for receipts of Rs 100 bn in its annual budget. The success or failure of the disinvestment process is likely to have wide ramifications for the financial health of the government.

    Market View:
    Analysts at leading broking houses were concerned about the profitability of the company when its monopoly in international telephony services ends in Year 2002. However some analysts and fund managers are taking a more positive view on the company in view of the higher revenues from value added services like internet.

     

     

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