India’s biggest FPO in the bag: Birla says Vi to make ‘smart turnaround’

Vodafone Idea, which has successfully raised Rs 18,000 crore in India’s largest follow-on public offering (FPO), will make a “smart turnaround” as the country requires three strong wireless telephony networks, Aditya Birla Group Chairman Kumar Mangalam Birla said on Thursday.

The company’s stock rose more than 5 per cent after new shares issued in the FPO began trading on the bourses on Thursday. Though the stock plunged as much as 10 per cent in initial trade, it rebounded nearly 17 per cent from the day’s low to end at Rs 13.8. A total of 10.6 billion shares, worth Rs 14,320 crore, were traded on the National Stock Exchange (NSE) and BSE.