Vodafone Idea announced its plans to introduce a Follow-on Public Offer (FPO) of equity shares valued at up to Rs 18,000 crore on April 12, with each share having a face value of Rs 10. The FPO is scheduled to commence on April 18 and conclude on April 22.
The company mentioned in a statement that anchor bids will approved on April 16. "(The board) Passed resolution for approving, adopting and filing of the red herring prospectus dated 11 April 2024 (the “RHP”) with the Registrar of Companies, Gujarat at Ahmedabad, in connection with the further public offering of Equity Shares," the exchange filing stated.
At 10:15 am, the shares of Vi were trading at Rs 12.40 price level, down by 4.25 per cent on the National Stock Exchange.
The Capital Raising Committee of the telecom service provider will meet today to discuss and approve the price range and discount for the FPO. Starting from April 15 until the offer closes, Vodafone Idea plans to engage in road shows and interact with investors and analysts.
This decision comes at a time when Vodafone Idea had greenlit raising up to Rs 20,000 crore through equity, in the month of February. The company recently secured Rs 2,075 crore by issuing preferential shares to one of its promoter entities.
On an annual basis, the shares of the telecom services provider have remained under pressure, losing more than a quarter of its value.
