Money-strapped Vodafone Concept’s board on Friday authorized a decision for a public providing of its fairness shares value Rs 18,000 crore. An organization submitting stated that the follow-on public supply (FPO) will open on April 18, Thursday and shut on April 22, Monday. The anchor investor bid will open on April 16.
On Thursday, the telecom operator handed a decision for approving, adopting and submitting of the pink herring prospectus dated (the RHP) with the Gujarat Registrar of Corporations (RoC) in reference to the additional public providing of fairness shares.
The FPO is alleged to be priced at a “important low cost” to the Rs 14.87 a share that was set for the preferential problem to one of many promoters, The Financial Occasions had reported quoting an individual accustomed to the matter earlier within the week. Learn right here
Brokerage CLSA stated final month it has noticed eager curiosity from overseas institutional buyers within the UK in Vi’s equity-raise plan.
“The debt funding of round Rs 25,000 crore will observe shortly after the FPO closes,” the individual stated.
Vodafone Concept shares ended at Rs 12.93 on the BSE on Wednesday, up by 0.15% over the Tuesday closing value. Markets have been shut on Thursday on account of Eid-Ul-Fitr (Ramzan Id).
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After hitting a low of Rs 6 in April final yr, the inventory has made regular good points to its 52-week excessive of Rs 18.40. Its one-year returns stand at 108%.
The board of the loss-making telco has already authorized a preferential share problem to lift Rs 2,075 crore from an Aditya Birla Group (ABG) entity, which set the stage for a wider funding programme important to the revival of the cash-strapped telco.
(Disclaimer: Suggestions, options, views and opinions given by the consultants are their very own. These don’t symbolize the views of Financial Occasions)
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