Vodafone Thought to launch Rs 18,000-crore share sale

Vodafone Thought stated on Friday it could elevate as much as Rs 18,000 crore later this month by way of a sale of latest shares, in what would be the nation’s largest follow-on public providing (FPO).

The debt-laden firm stated in February it could elevate as much as Rs 20,000 crore by way of fairness, which included monetary assist of Rs 2,000 crore from a high shareholder entity it didn’t identify.

The general public providing, which can happen at a ground worth of Rs 10 per share, will open for bids from April 18 to April 22, stated Vodafone Thought, the nation’s third-largest telecom provider by variety of subscribers.

Shares of Vodafone Thought had been down 2.3 per cent at Rs 12.65 rupees in early commerce.

The most important FPO earlier than this was a Rs 15,000 crore share sale by Sure Financial institution in 2020.

Vodafone Thought additionally plans to boost an extra Rs 25,000 crore by way of debt for which it has been in talks with lenders, with out specifying particulars.

The corporate stated it could use the fairness and debt funding to roll out its 5G community service inside six to seven months of securing the funds and broaden its 4G protection.

Bigger rivals Bharti Airtel and Reliance Jio have already launched their 5G providers in most components of the nation.

Fashioned in August 2018 as a merger between the Indian arm of UK’s Vodafone and Aditya Birla Group’s Thought Mobile, the telecom operator has since posted a loss in each quarter since then as subscribers have more and more switched to rivals.