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GQG Partners likely to invest in Rs 18,000-crore follow-on public offering of Vodafone Idea

Apart from GQG which could invest up to $ 400 million, the other institutions which reportedly could participate include Fidelity apart from several other domestic mutual funds

Our Special Correspondent Mumbai Published 17.04.24, 11:12 AM
Anchor book opens

Anchor book opens File picture

The anchor book for the Rs 18,000-crore follow-on public offering (FPO) of Vodafone Idea Limited (VIL) opened on Tuesday amid expectations that Rajiv Jain-led GQG Partners will be one of the entities that could look to participate in the share float.

Apart from GQG which could invest up to $ 400 million, the other institutions which reportedly could participate include Fidelity apart from several other domestic mutual funds.

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The price band for the offering has been fixed at Rs 10-11 per share.

Bids can be made for a minimum of 1,298 equity shares. For other investors, the FPO will open for subscription on Thursday, and close next Monday.

Vodafone Idea proposes to utilise the proceeds from the fresh issue of equity shares towards the purchase of equipment for the expansion of its network infrastructure amounting to Rs 12,750 crore.

The company plans to set up new 4G and 5G sites and expand the capacity of existing 4G sites.

It will pay around Rs 2,175 crore in the form of deferred dues to the DoT and GST.

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