Vodafone Idea raised ₹250 billion (US$3.5 billion) in the largest ever rights issue in the country. This is the first capital raising by Vodafone Idea after the merger of Vodafone India and Idea Cellular in August 2018.
“Given the recent merger, the disclosures in the offer document were extensive and at par with an initial public offering,” said S&R Associates partner Jabarati Chandra, who advised Vodafone.
Vodafone offered around 20 billion equity shares at a price of ₹12.50 per equity share. The issue was covered nearly 1.08 times. Vodafone Idea had 32% of the revenue market share as of December 2018 and 387 million subscribers.
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