Vodafone Idea FPO picks momentum as institutional investors pour money

Debt-saddled telecom operator Vodafone Idea Ltd’s Rs 18,000 crore follow-on offering (FPO) on Friday picked up momentum with close to half of the issue being subscribed, largely by institutional investors. Over Rs 12,000 crore, including Rs 5,400 crore from anchor investors, has been raised by the end of day 2 of the FPO, according to stock market information.

Of the 1,260 crore shares on offer, 617.46 crore shares were subscribed on Friday, according to information on the BSE.