‘Successful conclusion of VI FPO of Rs 18,000 crore signals telecom industry turning point’: Birla
Speaking at the Vodafone Idea FPO ceremony held at the National Stock Exchange (NSE) on Thursday, April 25, Birla advocated for the presence of three private telecom companies in a nation of 1.4 billion people.
NEW DELHI: The successful conclusion of Vodafone Idea’s follow-on public offer (FPO) of Rs 18,000 crore, India’s largest FPO, marks a turning point for the telecom industry, said Kumar Mangalam Birla, chairman of Aditya Birla Group and promoter of Vodafone Idea Limited (VIL).
Speaking at the Vodafone Idea FPO ceremony held at the National Stock Exchange (NSE) on Thursday, April 25, Birla advocated for the presence of three private telecom companies in a nation of 1.4 billion people. Emphasizing the significance of a revitalized Vodafone Idea for India, he described the moment as the commencement of Vodafone Idea 2.0.
“The emphatic oversubscription of the FPO – with the overall book being subscribed 7 times and the institutional book being subscribed 19 times — demonstrates the tremendous potential of the India digital story and Vodafone Idea’s role in it,” said Birla.
Birla also mentioned that the robust engagement from both foreign and domestic investors is heartening. According to him, the full subscription of the retail portion is truly commendable, given the sheer scale of the offer.
India’s third largest telecom operator, Vodafone Idea Limited (VIL)’s Rs 18,000 crore FPO subscribed 6.56 times, with investor bid for 8,011.8 crore equity shares. This marks the largest FPO ever subscribed in India, surpassing previous records set by Yes Bank’s Rs 15,000 crore and ONGC’s Rs 10,542 crore offerings.
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