Telecom operator Vodafone Idea (VIL) announced its board has set the follow-on public offering (FPO) price at Rs 11 per equity share, as revealed in a recent regulatory filing. Additionally, the board approved the anchor investor offer price of Rs 11 per equity share.
In the filing, VIL said, "The following resolutions were also passed, determined and approved the offer price of Rs 11 per equity share and approved the anchor investor offer price of Rs 11 per equity share." VIL has successfully raised Rs 18,000 crore, making it India's largest-ever FPO as the issue was nearly seven times oversubscribed because of strong institutional investor interest, according to data released on Monday evening.
This substantial fundraise equips Vodafone Idea with the financial resources to bolster its competitive position in the Indian telecom market, where it lags behind market leaders Reliance Jio and Bharti Airtel.
In a statement, VIL said, "Further to our letter dated April 17, 2024, regarding the board meeting on April 22, 2024, concerning the offer, we wish to inform you that the Board, at its meeting held today, April 22, 2024, approved and adopted the prospectus dated April 22, 2024, for the offer."
The prospectus has been filed with the Registrar of Companies, Gujarat in Ahmedabad, and submitted to the Securities and Exchange Board of India, BSE Limited, and National Stock Exchange of India Limited.
Among the notable investors who were allocated shares are GQG Partners Emerging Markets Equity Fund, Fidelity, UBS Fund Management, Abu Dhabi Investment Authority, Australian Super, Troo Capital, Morgan Stanley, Citigroup Global Markets Mauritius, and Jupiter Fund Management. Domestic investors, including Motilal Oswal Mutual Fund, HDFC Mutual Fund, SBI General Insurance, and Quant Mutual Fund, were also allocated shares in the anchor round.