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Telecom giant Vodafone Idea’s Rs.18,000-Cr FPO subscribed 6.4x

MoneyControl  

Telecom player Vodafone Idea’s follow-on public offer (FPO) was subscribed 6.36 times with investors bidding for 8,011.8 crore equity shares.Qualified institutional buyers (QIBs) subscribed to 17.56 times the portion reserved for them. Non-institutional investors purchased 4.13 times their allotted quota and retail investors picked 91% of the portion allotted to them.Earlier, the telecom giant had raised INR 5,400 crore from institutional investors via the anchor book in the upper price band of INR 11. Citigroup, Goldman Sachs, Morgan Stanley, GQG Partners, Fidelity, UBS Fund Management, Redwheel Funds, HDFC Mutual Fund, Government Pension Fund Global, Carnelian Capital, Copthall Mauritius Investment, and Societe Generale were among the anchor investors.Vodafone Idea has offered 1,260 crore shares in the INR 18,000 crore FPO, the largest such offering in the country. The price band for the offer was fixed at INR 10-11 apiece. The firm will spend INR 12,750 crore of the net issue proceeds for the expansion of the network infrastructure by setting up new 4G and 5G sites and expanding the capacity of existing 4G sites.