New Delhi | Mumbai: Vodafone Idea (Vi) plans to raise as much as Rs 18,000 crore through India’s largest follow-on public offering (FPO), which will open on April 18 and close on April 22, as the cash-strapped telco strives to generate much-needed capital critical to its survival.
The telco, formed by the merger of Aditya Birla Group’s Idea Cellular and the India unit of Vodafone Plc in 2018, has priced the issue at Rs 10-11 a share. At the higher end of the band, the issue is priced at around a 26% discount to the Rs 14.87 a share that was recently set for the preferential issue to one of the promoters.
The largest FPO prior to this was conducted by Yes Bank in July 2020, raising Rs 15,000 crore. In February last year, Adani Enterprises abruptly cancelled its Rs 20,000 crore FPO, just a day after successfully closing the offer. This followed a 28.5% decline in the share price in…
