Vodafone Idea Limited (Vi) will open a follow-on public offer to raise up to Rs 180 billion on April 18, 2024 with the issue closing on April 22, 2024. The move is expected to bring in the needed capital that is important for the telco.
The offer is likely to be priced at a significant discount to the Rs 14.87 a share that was set for the preferential issue to one of the promoters.
According to the sources, the anchor investor portion, or the portion reserve for qualified institutional buyers (QIB), of the FPO has been fully subscribed to already. However, 50 per cent of the book in an FPO is usually reserved for QIB, 35 per cent for retail investors and the rest for high-net worth individuals (HNIs).
In addition, Jefferies, SBI Capital, and JM Financials have been appointed as the bankers for the public offer.
Furthermore, Vi’s board has already approved a preferential share issue to raise Rs 20.75 billion from an Aditya Birla Group (ABG) entity. The shares to the ABG entity Oriana Investments Pte Limited will be issued at Rs 14.87 apiece.
