Mega fundraise: Vodafone Idea announces Rs 18,000 cr FPO

New Delhi: Telecom operator Vodafone Idea on Friday said its board has approved a Follow-on Public Offering (FPO) of equity shares of up to Rs 18,000 crore.

The follow-on offer will open on April 18 and close on April 22.

The floor price for the mega offer has been set at Rs 10 and the cap at Rs 11 per equity share.

"The Board of Directors of the company, at its meeting held on April 11, 2024, approved Further Public Offering (FPO) of equity shares, aggregating up to Rs 18,000 crore. The capital raising committee in its meeting held today that is April 12, 2024, approved the price band for the FPO issuance," the company said in a BSE filing.

The higher end of the price band (Rs 11) is at a discount of about 26 per cent compared to the recently approved preferential issue price to the promoter entity at Rs 14.87 and a discount of about 15 per cent compared to the last closing price of Rs 12.95.