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Home / Business / Vodafone To Launch Countrys Biggest Rs 18 000 Crore Fpo 610257

Vodafone to launch country’s biggest Rs 18,000 crore FPO

PTI
Updated At : 12:45 PM Apr 13, 2024 IST

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New Delhi, April 12

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Struggling telecom operator Vodafone Idea on Friday said it plans to raise up to Rs 18,000 crore through share sale in the biggest follow-on public offer as it scrambles to mobilise resources to stay afloat.

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Voda-Idea shares will be issued, under the FPO, in a price band of Rs 10-11 apiece against Friday’s closing price of Rs 12.96 on the BSE. The share sale will open on April 18 and close on April 22, Vodafone Idea, the country’s third-largest telecom carrier, said in a stock exchange filing.

This will be the largest FPO after the previous best of Rs 15,000 crore share sale by Yes Bank in 2020.

VIL’s fundraising — which comes close on the heels of a Rs 2,075 crore capital infusion by Aditya Birla group via a preferential share issue earlier this month — would give the ailing telco the ammo to improve its positioning in the telecom market.

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