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Shares of Vodafone Idea were down 6.1 per cent at Rs 12.13 on the BSE in Monday’s intraday trade amid heavy volumes. The drop in the stock prices came amidst the last day of subscription for its follow on public offering (FPO).
Vodafone Idea's Rs 18,000-crore follow-on public offer (FPO) opened for subscription on Thursday, April 18. The three-day FPO will close today. The FPO price band was set at Rs 10 to Rs 11 per share with the minimum lot size for an application being 1,298 shares.
The company’s FPO, however, has been oversubscribed by 3.40 times as of 02:30 PM on Friday. The subscription was led by Qualified Institutional Buyers (QIBs) subscribing the issue 8.71 times, followed by Non Institutional Investors (NIIs) subscribing 2.74 times and retail investors subscribing 0.56 times.
According to reports, the allotment for the Vodafone Idea FPO could be finalised on Tuesday, April 23, 2024. That apart, Vodafone Idea FPO will list on both the exchanges, that is the BSE, and the National Stock Exchange (NSE), with the listing date likely fixed as Thursday, April 25, 2024.
According to Vodafone Idea's FPO document, it aims to raise the FPO amount to purchase equipment for the expansion of the network infrastructure by setting up new 4G sites; increasing the capacity of existing 4G sites and new 4G sites; and setting up new 5G sites.
It will also fulfil delayed spectrum payments to the DoT, including GST, and general corporate reasons.
Vodafone Idea reported net loss and cash loss of Rs 29,371 crore and Rs 6,251 crore, respectively, in FY23. Both these figures worsened on a year-on-year basis.
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By comparison, it reported a net loss of Rs 23,563 crore and a cash loss of Rs 6,681 crore during the April-December period of 2023-24.
At 02:43 PM, the company’s share was down 2.94 per cent at Rs 12.54. A combined 193 million shares of the company changed hands on the BSE.
