The total market capitalization of Vodafone Idea briefly topped Rs 90,000 crore mark on Thursday at a price of Rs 13.50, after the listing of its recently issued securities.
Vodafone Idea’s Rs18,000-crore follow-on public offer (FPO) of equity shares managed to attract subscription for as many as 6.349 billion shares, against the 1.260 billion shares on offer, as the FPO
The fundaraise is expected to give Vodafone firepower to improve its positioning in the telecom space, where it currently trails larger rivals such as Reliance Jio and Bharti Airtel, by a wide margin.
Vodafone Idea said its board will meet on April 6 to consider the issuance of equity or convertible securities on a preferential basis to one or more promoter group entities.
The equity and debt fund raising will enable the Company to make investments towards significant expansion of 4G coverage, 5G network rollout, and capacity expansion, the company stated.