The government has no plans to monetise its stake in Vodafone Idea, Tuhin Kanta Pandey, secretary, department of investment and public asset management told Fe, ahead of the mega follow-on public offer (FPO) by the telecom operator.
The telco is hitting the market with an Rs 18,000 crore equity offering on Thursday — the share sale will open on April 18 (for anchor investors on April 16) and close on April 22 — to mobilise funds, which will help it in increasing its capex, launch 5G services and pare spectrum and adjusted gross revenue debt. The company needs funds to catch up with peers Bharti Airtel and Reliance Jio.
“The government is enthused that Vodafone will be roping in new investors through their upcoming Rs 18,000 crore FPO and has a plan to revive the company that will help prevent a duopoly in the telecom sector, a key objective of the revival package for the…
