Voda rights on target

The mega rights issue of Vodafone Idea was oversubscribed with its promoters committing Rs 18,250 crore even as there was good response from both retail and institutional investors.

While the final numbers of the issue which closed for subscription on Wednesday are still awaited, it is learnt that the offer received bids worth Rs 26,900 crore against an issue size of Rs 25,000 crore, a subscription of around 1.08 times.

Through the rights issue, Vodafone Idea offered 2,000 crore new shares at Rs 12.50 per share which was a sharp discount to the current market price.

According to NSE data, the rights issue had received bids for 1,109 crore shares.