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Through the FPO, Vodafone Idea has put concerns of its survival and competitiveness away but it's not viable yet, as per a Ambit Capital report. A significant rise in mobile tariffs will be necessary following the fundraising to help Vodafone Idea in navigating the present crisis seamlessly.
Aditya Birla Group (ABG) chairman Kumar Mangalam Birla on Thursday said Vodafone Idea (Vi) is a national asset and its successful ₹18,000 crore follow-on public offer (FPO) sets the stage for the cash-strapped telcos financial turnaround and start of Vi 2.0.
ATC Telecom Infrastructure sold a 2.8% stake to Vodafone Idea, worth ₹1,840 crore, in an open market transaction. Citigroup Global bought shares worth ₹611 crore, with other buyers remaining unknown. Last month, ATC converted debentures allotted by Vodafone Idea into equity, and in January 2024, Canada's Brookfield acquired ATC's India unit in a $2.5 billion deal. Vi recently raised ₹18,000 crore through a follow-on public offer, priced at ₹10-11 per share.
TECH NEWS : Kumar Mangalam Birla praises the FPO's success, acknowledges the key role of government leaders, highlights the importance of telecom networks, and ap
India Business News: Aditya Birla Group chairman Kumar Mangalam Birla said the Rs 18,000-crore fund-raise has given Vodafone Idea a "fresh lease of life", and set the stag