Vodafone Idea has announced that its follow-on public offer or FPO worth 18,000 crore rupees will commence on April 18 and run until April 22.
The floor price for shares is set at 10 rupees, with a cap of 11 rupees.
Anchor bids are scheduled for approval on April 16. According to the moneycontrol report, the FPO, managed by Jefferies, SBI Caps, and Axis Capital, marks one of India's largest such offerings and comes as the debt-laden telecom company seeks to raise significant funds.
Shares of Vodafone Idea have doubled over the last 12 months, though the stock has corrected 30 percent from its recent peak.
"The Board of Directors of the company, at its meeting held on April 11, 2024 approved Further Public Offering (FPO) of equity shares, aggregating up to Rs 18,000 crore. The capital raising committee in its meeting held today that is April 12, 2024 approved the price band for the FPO issuance," the company said in a BSE filing.
The higher-end of the price band (Rs 11) is at a discount of about 26 per cent compared to recently approved preferential issue price to the promoter entity at Rs 14.87 and a discount of about 15 per cent compared to last closing price of Rs 12.95.