10 April 2024 – According to sources who spoke with Moneycontrol, Vodafone Idea (Vi) is getting ready to conduct a follow-on public offer (FPO) to raise between Rs 18,000 and Rs 20,000 crore by the middle of the next week as lead managers for the FPO—the biggest offers of its type in India—the indebted telecoms operator has brought on Jefferies, SBI Caps, and Axis Capital. However, according to insiders, none of the banks are financing the project.
As of now, the biggest share sale in the Indian market has been Yes Bank’s Rs 15,000 crore FPO. Adani Enterprises’ Rs 20 or-crore FPO in January 2023 was expected to surpass it. Still, the Gautam Adani flagship business canceled the offer after the Adani group was accused of many governance violations in a Hindenburg Research study.
According to reports, Vodafone Idea has received pledges from institutional investors, both local and overseas, indicating early support for the FPO.
Conclusion
The preferential issue of shares valued at Rs 2,075 crore to Oriana Investments Pte Ltd, a member of the promoter group and an Aditya Birla Group subsidiary, was authorized by the Vodafone Idea board on April 5.
