Vodafone Idea FPO: Anchor investors plough in as much as ₹5400 crore - Hindustan Times

Vodafone Idea FPO: Anchor investors plough in as much as 5400 crore

Apr 17, 2024 11:44 AM IST

Vodafone Idea FPO process has started with anchor investors ploughing in ₹5400 crore.

In what will come as welcome relief and a good start to its fund raising drive, Vodafone has seen participation by 74 anchor investors. Notably, Reliance Jio and Bharti Airtel are engaged in a fierce battle for subscribers with Vodafone Idea. Also known as Vi, the company has fallen into turbulent times over the recent years, and needs fresh infusion of funds to pay off its massive debt, for expansion purposes and much more just to make sure it stays relevant and alive in the market.

The Vodafone Idea FPO is scheduled to open on April 18.(REUTERS)
The Vodafone Idea FPO is scheduled to open on April 18.(REUTERS)

This fundraising drive, through the Vodafone Idea FPO, is worth 18000 crore. And now, it has been revealed that anchor investors have ploughed in as much as 5400 crore to start the follow-on public offer process.

Now catch your favourite game on Crickit. Anytime Anywhere. Find out how

Read More: TCS tops LinkedIn top 25 companies in India list to grow your career

Among the big names in this long list are Morgan Stanley Investment Management, Fidelity, UBS, GQG Partners, The Master Trust Bank of Japan, Citigroup Global Markets, Quant, Australian Super, and Motilal Oswal, MoneyControl reports.

Of the total shares in the anchor investor quota, as much as 26%, worth 1,345 crore, have been allocated to GQG Partners. Fidelity Investments invested 772 crore, Troo Capital will enter with 331 crore and Australian Super with 130 crore. About 16.2 percent ( 874 crore) of the total allocation for anchor investors went to five domestic mutual funds. Motilal Oswal Midcap Fund invested as much as 500 crore, according to MoneyControl.

Read More: Raghuram Rajan says Indian innovators have a ‘Virat Kohli mentality’

The Vodafone Idea FPO is scheduled to open on April 18.

Vodafone Idea Plans

Vodafone Idea management had held a press conference on Monday last and indicated the company is looking to cover, with 5G services, subscribers accounting for 40% of its revenue and even set a 24-30 month deadline.

Read More: Bank holiday for Lok Sabha election: Banks in these cities closed on April 19

Also, after the funds become available, the company indicated it will raise orders for 5G network equipment and then launch 5G services in certain specific areas within 6-9 months of the conclusion of the FPO.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Get latest updates on Petrol Price along with Gold Rate , Today Weather and Budget 2024 at Hindustan Times.

Share this article
Story Saved
Live Score
Saved Articles
My Reads
Sign out
New Delhi 0C
Sunday, June 23, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On