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The FPO is expected to be followed by a ₹25,000 crore debt issue, helping achieve Vi s targeted ₹45,000 crore fundraising drive aimed at regaining financial health and bolstering competition with bigger and profitable rivals Reliance Jio and Bharti Airtel.
"Approving the Floor Price of the Offer to be Rs10/- per Equity Share; b. Approving the Cap Price of the Offer to be Rs11/-; per Equity Share; and c. A minimum bid lot of 1,298 Equity Shares and in the multiples of 1,298 Equity Shares thereafter," the company said in a stock exchange notice.
Vodafone Idea FPO: The board of the loss-making telco has already approved a preferential share issue to raise Rs 2,075 crore from an Aditya Birla Group (ABG) entity, which set the stage for a wider funding programme critical to the revival of the cash-strapped telco.
The shares to the ABG entity - Oriana Investments Pte Ltd. - will be issued at Rs 14.87 apiece, Vodafone Idea had said on Saturday. The stock issuance was at a premium to the closing price of Rs13.32 on the BSE last Friday.