Vodafone Concept FPO: The telecom supplier commenced its subscription interval on Thursday, April 18, concluding on Monday, April 22. (Consultant picture)
Debt-laden telecom operator has raised Rs 18,000 crore pulling off India’s largest-ever follow-on public providing.
Aditya Birla Group Chairman Kumar Mangalam Birla hailed Vodafone Concept’s latest Rs 18,000-crore fundraise as a major increase, characterising it as a “contemporary lease of life” for the telecommunications firm.
The corporate, which has been struggling to carry on to subscribers amid very heavy competitors within the sector, will concentrate on growing its community and selectively introduce 5G companies, Birla instructed reporters on the itemizing ceremony of the follow-on public provide.
When requested if many of the issues for the corporate will get sorted with the capital elevate, Birla answered within the affirmative.
“And this is sort of a type of contemporary lease of life for the corporate,” information company PTI quoted Biral as saying.
Vodafone Concept FPO
On Thursday, the opening value of Vodafone Concept FPO shares stood at Rs 11.80 per share on the NSE, marking a 7.27% enhance from the problem value of Rs 11.
In the meantime, on the BSE, the opening value for Vodafone Concept FPO shares as we speak was Rs 12 every, reflecting a 9% rise from the problem value.
The telecom supplier commenced its subscription interval on Thursday, April 18, concluding on Monday, April 22. Every share was priced at Rs 11, which was on the higher finish of the value band set at Rs 10-11.
Vodafone Concept’s board has mounted the FPO provide value at Rs 11 per fairness share, in line with a regulatory submitting.
Debt-laden telecom operator has raised Rs 18,000 crore pulling off India’s largest-ever follow-on public providing (FPO) as the problem received subscribed practically seven instances after institutional buyers poured in cash, inventory trade information confirmed on Monday night.
Earlier than this, the most important FPO within the Indian market was a Rs 15,000 crore share sale by YES Financial institution in 2020.
The fundraise would give the ailing telco the firepower to enhance its positioning within the Indian telecom market, the place it presently trails bigger rivals equivalent to Reliance Jio and Bharti Airtel, by a large margin.
The funds will even assist Vodafone Concept shore up funds for the much-delayed 5G roll-out and strengthening 4G companies and cost of vendor dues.
