Vodafone Idea said its board has approved a Follow-on Public Offering (FPO) of equity shares of up to ₹18,000 crore. Image used for representative purpose only.
| Photo Credit: Reuters

Telecom operator Vodafone Idea on April 12 said its board has approved a Follow-on Public Offering (FPO) of equity shares of up to ₹18,000 crore.

The follow-on offer will open on April 18 and close on April 22.

The floor price for the mega offer has been set at ₹10 and the cap at ₹11 per equity share.

“The Board of Directors of the company, at its meeting held on April 11, 2024 approved Further Public Offering (FPO) of equity shares, aggregating up to ₹18,000 crore. The capital raising committee in its meeting held today that is April 12, 2024 approved the price band for the FPO issuance,” the company said in a BSE filing.

The higher-end of the price band (₹11) is at a discount of about 26% compared to recently approved preferential issue price to the promoter entity at ₹14.87 and a discount of about 15% compared to last closing price of ₹12.95.