Vodafone Idea to launch country’s largest $2.16 bn follow-on public offer

Indian telecom operator Vodafone Idea said on Friday it would raise up to Rs 18,000 crore ($2.16 billion) later this month through a sale of new shares, in what will be the country’s biggest follow-on public offering (FPO).

The debt-laden company said in February it would raise up to Rs 20,000 crore through equity, which included financial support of Rs 2,000 crore from a top shareholder entity it did not name.

The public offering, which will take place at a floor price of Rs 10 per share, will open for bids from April 18 to April 22, said Vodafone Idea, the country’s third-largest telecom carrier by number of subscribers.