Vodafone Idea reduces loss to Rs 7,176 crore in July-Sept quarter
Vodafone Idea has reduced its losses to Rs 7,176 crore in the July-September quarter of the current financial year from Rs 8,738 crore in the same quarter last year.
Vodafone Idea has raised about Rs 5,400 crore in its follow-on public offering from anchor investors, including GQG Partners, Fidelity Investments, UBS Fund Management, Jupiter Fund Management, and Australian Super, the company said on Wednesday.
It further said that it had finalized the allocation of about 4.9 billion shares to anchor investors at Rs 11 a piece.
US-based GQG Partners has been allocated the highest number of shares, worth Rs 1,345 crore, while Fidelity Investments has invested about Rs 772 crore in Vodafone Idea’s FPO. Troo Capital and Australian Super will be investing Rs 331 crore and Rs 130 crore, respectively.
Advertisement
Further, of the total shares, 16.20% amounting to Rs 874 crore were allocated to five domestic mutual funds, led by Motilal Oswal Midcap Fund, which invested Rs 500 crore.
Among domestic investors in the FPO were India Infoline, Motilal Oswal, HDFC Mutual Fund, SBI General Insurance, and Quant.
The FPO has been priced at Rs 10-11 per share and will be open for retail investors from 18 April to 22 April. The minimum bid lot for subscription has been fixed at 1,298 equity shares.
The Indian government, the single-largest shareholder in Vodafone Idea with a 32% ownership, will see its stake in the telco drop to about 24% following the FPO.
Earlier this month, the board of Vodafone Idea has approved raising of Rs 2,075 crore from promoter Aditya Birla group and increasing its authorized share capital to Rs 1 lakh crore.
The board had approved issuance of up to 1,39,54,27,034 equity shares of face value of Rs 10 each at an issue price of Rs 14.87 per equity share (including a premium of Rs 4.87 per equity share), aggregating to Rs 2,075 crore to Oriana Investments Pte. Ltd (Aditya Birla Group entity forming part of the promoter group), on a preferential basis.
Advertisement
