The Pune-based transmission solution provider for telecom and power companies recently bagged an order worth Rs 2500 crore from Bharat Sanchar Nigam Ltd (BSNL).
We have invested close to Rs 1100 crore in form of equity seeing the performance over the last three years and the potential that we have over the next several years
Anand Agarwal
CEO
Sterlite Tech
Standard Chartered Private Equity will invest Rs 500 crore in power transmission infrastructure business of Sterlite Technologies . Speaking to CNBC-TV18, Anand Agarwal, director and CEO of the company says the order book of Sterlite Technologies is currently around Rs 5000 crore.
The Pune-based transmission solution provider for telecom and power companies recently bagged an order worth Rs 2500 crore from Bharat Sanchar Nigam Ltd (BSNL). Agarwal expects to execute 20 percent of Rs 2,000 crore BSNL order in FY15.
Below is the transcript of Anand Agarwal's interview with Ekta Batra and Reema Tendulkar of CNBC-TV18.
Ekta: Can you take us through StanChart investing or the private equity arm investing Rs 500 crore in your power transmission infra business? What does this mean for the company and how much stake will they pick up and what was the rationale behind it?
A: These are the power transmission projects that we have taken in the company and we have been adding these projects over the last three years or so. The company now has six projects across the country, across 10 states or so. Sterlite Technologies has invested close to about Rs 1100 crore in form of equity seeing both the performance that we have done over the last three years and the potential that we have over the next several years.
We are very pleased that Standard Chartered Private Equity has seen the potential and is coming along with us as a partner. In terms of equity share, the investment is in form of a convertible instrument and so they are coming in, putting in Rs 500 crore at a premium to our equity. The exact valuation and the dilution will happen whenever these equity investments convert which typically will be at the end of five years.
Reema: Any idea about what would be the premium at which they are looking to enter, what could be the rough dilution that would entail for this company?
A: It is a minority investment and it is at a premium. The valuation will happen at the end of five years when both the investors have put in the money and we get the entire portfolio value. However, right now it is a minority valuation; Sterlite Technologies has put in about Rs 1100 crore and StanC is going to put in Rs 500 crore and we will take from them.
Sterlite Techno stock price
On July 07, 2014, at 14:13 hrs Sterlite Technologies was quoting at Rs 69.00, up Rs 1.30, or 1.92 percent. The 52-week high of the share was Rs 73.50 and the 52-week low was Rs 15.75.
The company's trailing 12-month (TTM) EPS was at Rs 1.27 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 54.33. The latest book value of the company is Rs 31.32 per share. At current value, the price-to-book value of the company is 2.20.
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