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Vodafone Idea to launch Rs 18,000-20,000-crore FPO next week

Money Control · 11m

Vodafone Idea is looking to raise Rs 18,000-20,000 crore through a follow-on public offer (FPO) next week. The company has secured commitments from anchor investors and the government of India, its largest shareholder, is also supportive of the fundraise. Vodafone Idea has been struggling with a significant debt burden and operational losses in the highly competitive telecom sector. The proceeds from the FPO are expected to provide much-needed liquidity and support to the company.