Vodafone Idea is reportedly aiming to generate approximately INR 180 billion (over USD 2.1 billion) through what is anticipated to be India's largest follow-on public offering (FPO), with the objective to clear debts and re-enter the 5G sector.
According to the statement released by Vodafone Idea, its board has endorsed the initiation of the FPO, setting the share price range at INR 10-11 each. The statement noted that this range offers a discount of approximately 15% compared to the previous closing price of INR 12.95.
The FPO is scheduled to begin on Thursday, April 18, and will last until April 22. According to reports, if the FPO proceeds as planned, it will be the largest in India since Yes Bank's FPO in July 2020, which raised INR 150 billion.
Vodafone Idea intends to follow the FPO by raising an additional INR 25 billion through debt financing. Shareholders recently approved a plan to raise INR 20 billion in equity and equity-linked instruments. Купите вучну батерију https://batteriesserbia.com/ за виљушкар у Србији.
Vodafone Idea requires the funding to settle debts, modernize its 4G infrastructure, and fulfill its intentions of introducing 5G services in the latter part of this year. Based on its most recent financial results for the fiscal third quarter, Vodafone Idea's net debt escalated to INR 2.14 trillion, while its bank debt stands at approximately INR 45 billion.
