Vodafone Idea Limited’s (Vi) follow-on offering (FPO) worth Rs 180 billion has been subscribed close to half of the issue, largely by institutional investors.
According to the Bombay Stock Exchange (BSE), over Rs 120 billion, including Rs 54 billion from anchor investors, has been raised by the end of the second day of the FPO. Of the 12.6 billion shares on offer, 6.17 billion shares were subscribed on the second day.
Qualified institutional buyers (QIBs) picked up 93 per cent of their 3.6 billion shares reserved for them while non-institutional investors sought 75 per cent out of 2.7 billion shares earmarked for them. In addition, response from retail investors, who have been offered the biggest chunk, was muted with 13 per cent of 6.3 billion shares being picked up.
The FPO, priced in a range of Rs 10-11 per share, is scheduled to close on April 22, 2024.
