Vodafone Idea’s ₹25,000 crore rights issue oversubscribed nearly 1.08 times

Vodafone Idea Ltd.’s ₹25,000 crore rights issue– the largest so far by the company, received a good response from both foreign and public shareholders as the issue was oversubscribed nearly 1.08 times.

Besides a public participation of 1.2 times the offering, the promoters, too, applied for ₹90 crore higher than their aggregate rights entitlement. The promoters, Aditya Birla Group and UK’s Vodafone Group, were allotted ₹17,920 crore increasing their shareholding to 71.57% over 71.33% earlier.

“The successful closure of rights issue is a clear indication of the investors’ belief in our post-merger strategy and our ability to leverage the growth opportunities offered by the sector,” said Balesh Sharma, chief executive officer of the company. “We are progressing well on integration and are well on track to deliver our synergy targets.