Vodafone to go slow with IPO plans post SC verdict: Sources

Vodafone to go slow with IPO
plans post SC verdict: Sources
Tue, Jan 24, 2012
Vodafone is likely to go slow on
its IPO plans, and the much
anticipated issue may hit the
street only in 2013, reports
CNBC-TV18's Kritika Saxena.
It is leant that there has been a
communication internally and a
decision has been taken by the
Vodafone Plc Management that
they are looking at CY13 for the
IPO.
There are two key reasons for
this, one is the unfavourable
market condition; it is not the
right time to go ahead with an
IPO that can be USD 2 billion
plus. Secondly, the India arm is
currently cash flow positive. There
is no specific hurry to raise funds
currently specially, after the
Supreme Courts verdict in
Vodafone's favour.
Sources say that a large amount
of the refund that Vodafone will
be getting from the taxman will
go into Vodafone Plc and a part
will come in the India arm as well.
Aside from that, it is also learnt
that they have been talking to
specific players for selling
Vodafone towers outside of the
India Joint venture because they
haven't got in the right response
and the market conditions are
slightly difficult so they may have
put that on hold as well. They
have lot of plans, but they will be
largely focused on expansion as
far as 3G outlook and broadband
is concerned.