Vodafone Idea FPO Shares to Debut Tomorrow

Vodafone Idea FPO Shares to Debut Tomorrow/Mint

VoM News Desk | April 24, 2024 | 05:56 PM IST | Breaking News | Follow on Google News

Vodafone Idea FPO Shares to Debut Tomorrow

Vodafone Idea FPO Shares to Debut Tomorrow

The shares allotted in the follow-on public offer (FPO) of Vodafone Idea are set to list on the stock exchanges tomorrow, Thursday, April 25. The final issue price has been fixed at ₹11 per share, marking the upper end of the price band of ₹10-11.

The debut will reveal whether the FPO shares open at a premium or discount based on the opening price of Vodafone Idea stock tomorrow. With a hefty infusion of funds from institutional investors, Vodafone Idea successfully gathered ₹18,000 crore, making it the largest FPO in India ever.

Investors who were allotted Vodafone Idea FPO shares on Tuesday, April 23, will see them credited to their accounts today, Wednesday, April 24. For those who did not receive shares, the refund procedure begins today.

The telecom company plans to utilize a significant portion of the FPO proceeds for the expansion of its network infrastructure, including investments in new 5G and existing 4G sites. The remaining funds will be allocated towards various business objectives, including financing working capital requirements.

(Inputs from Money control)

VoM News Desk

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