Debt-laden telecom operator Vodafone Idea Ltd. has raised ₹18,000 crore.
| Photo Credit: Reuters

Telecom operator Vodafone Idea’s (VIL) board has fixed the follow-on public offering (FPO) offer price at ₹11 per equity share, according to a regulatory filing.

The anchor investor offer price of ₹11 per equity share has also been greenlit by the board.

“… Following resolutions were also passed… determined and approved the offer price of ₹11 per equity share… approved the anchor investor offer price of ₹11 per equity share,” VIL informed.

Debt-laden telecom operator Vodafone Idea Ltd. has raised ₹18,000 crore pulling off India’s largest-ever FPO as the issue got subscribed nearly seven times after institutional investors poured in money, stock exchange data showed on April 22 evening.

The fundraise will arm VIL with an ammo to improve its competitive positioning in the Indian telecom market, where it trails Reliance Jio and Bharti Airtel, by a wide margin.

“Further to our letter dated 17 April 2024, intimating you about the meeting of the board of directors of the company to be held on 22 April 2024, in respect of the offer, we wish to inform you that the Board, at its meeting held today that is 22 April 2024 has approved and adopted the prospectus dated 22 April 2024 in connection with the offer,” VIL said.

The prospectus has been filed with the Registrar of Companies, Gujarat at Ahmedabad, and submitted to the Securities and Exchange Board of India, BSE Limited and National Stock Exchange of India Limited, it added.

Reliance Industries remained the country’s most valued firm. File
| Photo Credit: REUTERS

The combined market valuation of six of the top 10 valued firms jumped ₹70,527.11 crore last week, with Reliance Industries Ltd (RIL) emerging as the biggest gainer.

While Hindustan Unilever Ltd, Bharti Airtel, ITC, ICICI Bank and HDFC Bank were the gainers, Infosys, Tata Consultancy Services (TCS), State Bank of India and Bajaj Finance emerged as the laggards.

Last week, the BSE benchmark climbed 287.11 points or 0.43%.

The market valuation of Reliance Industries rallied ₹22,191.43 crore to ₹15,90,408.31 crore, the most among the top 10 firms.

Hindustan Unilever added ₹17,222.5 crore taking its valuation to ₹6,04,326.62 crore.

The valuation of Bharti Airtel jumped ₹16,953.01 crore to ₹5,36,035.96 crore and that of ITC climbed ₹7,607.26 crore to ₹5,59,071.10 crore.

The market capitalisation (mcap) of ICICI Bank rose ₹4,581.64 crore to ₹6,66,639.07 crore and that of HDFC Bank went up by ₹1,971.27 crore to ₹11,65,135.58 crore.

However, the valuation of Infosys tumbled ₹19,403.04 crore to ₹5,94,252 crore and that of Tata Consultancy Services plunged by ₹18,258.67 crore to ₹13,06,391.11 crore.

The mcap of State Bank of India (SBI) declined ₹16,019.67 crore to ₹5,14,191.52 crore and that of Bajaj Finance diminished by ₹7,137.72 crore to ₹4,87,746.65 crore.

Reliance Industries remained the country’s most valued firm followed by TCS, HDFC Bank, ICICI Bank, Hindustan Unilever, Infosys, ITC, Bharti Airtel, State Bank of India, and Bajaj Finance.