25th April 2024 – On Wednesday, during intra-day trading on the Bombay Stock Exchange (BSE), shares of Vodafone Idea fell by nine percent, reaching Rs 13.09, in anticipation of the listing of new shares that were allocated in the company’s further public offer (FPO).
In the FPO, the shares that have been allocated are anticipated to list on Thursday. On Tuesday, the stock had increased by twelve percent as a result of the constructive reaction from overseas investors for FPO.
During the meeting on Tuesday, April 23, 2024, the Vodafone Idea board of directors approved the allocation of 16,364 million equity shares at an offer price of Rs 11 per equity share, which would result in an aggregate amount of Rs 18,000 crore.
Conclusion
According to the number of subscribers it has, Vodafone Idea is the third biggest supplier of telecommunications services in India. It is anticipated that the FPO of the corporation would be able to achieve two crucial goals, namely, closing the gap in network coverage and improving competitiveness to some degree.
Source:Link
