Vodafone Idea's ₹18,000 crore FPO opens April 18
The floor price for the substantial offer stands at ₹10, with a cap of ₹11 per equity share.
Sumit Rawat
Vodafone Idea has announced a Follow-on Public Offering (FPO) of equity shares valued at up to ₹18,000 crore, set to commence on April 18th and conclude on April 22nd. The floor price for this substantial offering has been fixed at ₹10, with a cap of ₹11 per equity share.
In a filing with the Bombay Stock Exchange (BSE), the telecom operator stated that its Board of Directors, during a meeting on April 11th, 2024, greenlit the Further Public Offering (FPO) of equity shares, aiming to raise funds amounting to ₹18,000 crore. Subsequently, on April 12th, 2024, the capital raising committee approved the price band for the FPO issuance.
It's noteworthy that the higher end of the price band, set at ₹11 per share, represents a discount of approximately 26% compared to the recently sanctioned preferential issue price to the promoter entity, priced at ₹14.87. Furthermore, it stands at a discount of around 15% relative to the last closing price of ₹12.95.
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