Synopsis : Vodafone Idea reveals FPO details: floor price, cap price, lot size. Launching April 18, targeting Rs 18,000 crore. Shares dip 3.25% in early trading.
Vodafone Idea has announced the floor price, cap price, and lot size for its forthcoming follow-on public offering (FPO), scheduled to commence on Thursday, April 18, 2024. The company's capital raising committee is set to convene on Tuesday, April 16, to disclose anchor details.
According to the exchange filing, the company has approved a floor price of Rs 10 per equity share and a cap price of Rs 11 per equity share during its meeting on Friday, April 12, 2024. The minimum bid lot stands at 1,298 equity shares, with multiples thereafter. At the floor price, each lot will amount to Rs 12,980, while at the cap price, it will be Rs 14,278.
Furthermore, a meeting of the capital raising committee is slated for April 16, 2024, to allocate equity shares to successful anchor investors and determine the anchor investor allocation price.
In a separate exchange filing, Vodafone Idea announced its FPO launch date of Thursday, April 18, with a subscription window closing on Monday, April 22. The telecom operator aims to raise Rs 18,000 crore through its secondary stake sale. The approval for its red herring prospectus (RHP) for the offer has also been granted.
During early trading on Wednesday, shares of Vodafone Idea experienced a decline of over 3.25%, reaching Rs 12.51 apiece, resulting in a total market capitalization exceeding Rs 61,000 crore. This comes after the scrip settled at Rs 12.93 in the preceding trading session.
