Vodafone Idea rallies 7% on strong foreign investor’s response for FPO

Shares of Vodafone Idea were trading higher by 7 per cent at Rs 13.73 on the BSE in Tuesday’s intra-day trade, following the Rs 18,000 crore follow-on public offer (FPO) by telecom services provider attracting nearly Rs 90,000 crore in bids from investors. As much as two-thirds of the subscriptions came from overseas investors.

India’s largest FPO was subscribed 6.4 times. The qualified institutional buyer (QIB) portion of the share sale was bought 17.6 times, with 82 per cent of the bids coming from foreign portfolio investors (FPIs), the exchange data shows.