"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 has been struggling for a while to raise capital, which is of utmost significance given the high debt on books. Further, it needs heavy capital investments for network upgradation and rollout of 5G services to compete with rivals Airtel and RJio. On Thursday, AB Group Chairman Kumar Mangalam Birla said that the group remains committed and is making all efforts to rope in external investors. The stock had rallied following the comments.
During the Q2 earnings call, Vis chief executive Akshaya Moondra told analysts that the telco expected to conclude its discussions relating to (funding from potential) equity investors in this quarter (Q3FY24). He had added that Vis talks with banks had already happened and that the current focus is on tying up the equity investment, basis which the banks would process the telcos requests for bank funding.