Debt-laden telecom operator Vodafone Concept Ltd. has raised ₹18,000 crore.
| Picture Credit score: Reuters
Telecom operator Vodafone Concept’s (VIL) board has mounted the follow-on public providing (FPO) supply value at ₹11 per fairness share, in accordance with a regulatory submitting.
The anchor investor supply value of ₹11 per fairness share has additionally been greenlit by the board.
“… Following resolutions have been additionally handed… decided and accredited the supply value of ₹11 per fairness share… accredited the anchor investor supply value of ₹11 per fairness share,” VIL knowledgeable.
Debt-laden telecom operator Vodafone Concept Ltd. has raised ₹18,000 crore pulling off India’s largest-ever FPO as the problem bought subscribed practically seven instances after institutional buyers poured in cash, inventory alternate information confirmed on April 22 night.
The fundraise will arm VIL with an ammo to enhance its aggressive positioning within the Indian telecom market, the place it trails Reliance Jio and Bharti Airtel, by a large margin.
“Additional to our letter dated 17 April 2024, intimating you concerning the assembly of the board of administrators of the corporate to be held on 22 April 2024, in respect of the supply, we want to inform you that the Board, at its assembly held as we speak that’s 22 April 2024 has accredited and adopted the prospectus dated 22 April 2024 in reference to the supply,” VIL stated.
The prospectus has been filed with the Registrar of Corporations, Gujarat at Ahmedabad, and submitted to the Securities and Trade Board of India, BSE Restricted and Nationwide Inventory Trade of India Restricted, it added.
