New Delhi: Shares of Vodafone Idea Ltd rose nearly 8 per cent on Tuesday, a day after the telecom operator raised Rs 18,000 crore in India's biggest eve follow-on offering (FPO).
The stock jumped 7.83 per cent to Rs 13.98 on BSE.
It rose 7.75 percent to Rs 13.90 on NSE.
At the close of the offer on Monday, 8,011.29 crore shares were sought, which is 6.99 times the issue size.
With Rs 5,400 crore collected from anchor investors by selling 49 crore shares before the market share, it raised the targeted Rs 18,000 crore.
The FPO is the largest ever. Earlier, the largest FPO in the Indian market was a Rs 15,000 crore share sale by Yes Bank in 2020.
The fundraise will give the ailing telecom company the strength to improve its position in the Indian telecom market, where it currently lags behind bigger rivals like Reliance Jio and Bharti Airtel by a wide margin.
The fund will also help Vodafone Idea raise finance for the much-delayed 5 roll-out and strengthening of 4G services and payment of vendor dues.
Vodafone Idea (VIL) board has fixed the FPO offer price at Rs 11 per equity share, according to a regulatory filing.
The stock jumped 7.83 per cent to Rs 13.98 on BSE.
It rose 7.75 percent to Rs 13.90 on NSE.
At the close of the offer on Monday, 8,011.29 crore shares were sought, which is 6.99 times the issue size.
With Rs 5,400 crore collected from anchor investors by selling 49 crore shares before the market share, it raised the targeted Rs 18,000 crore.
The FPO is the largest ever. Earlier, the largest FPO in the Indian market was a Rs 15,000 crore share sale by Yes Bank in 2020.
The fundraise will give the ailing telecom company the strength to improve its position in the Indian telecom market, where it currently lags behind bigger rivals like Reliance Jio and Bharti Airtel by a wide margin.
The fund will also help Vodafone Idea raise finance for the much-delayed 5 roll-out and strengthening of 4G services and payment of vendor dues.
Vodafone Idea (VIL) board has fixed the FPO offer price at Rs 11 per equity share, according to a regulatory filing.
