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'Vi FPO turning point for tel industry'
The Morning Standard
|April 26, 2024
Proceeds from fundraise will be used for capex and telco will make a comeback, says Birla
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THE successful conclusion of Vodafone Idea's follow-on public offer (FPO) of ₹18,000 crore, the country's largest FPO, marks a turning point for the telecom industry, said Kumar Mangalam Birla, Chairman of Aditya Birla Group and promoter of Vodafone Idea Limited (Vi).
Speaking at the Vodafone Idea FPO ceremony held at the NSE on Thursday, April 25, Birla advocated for the presence of three private telecom companies in a country of 140 crore. Emphasising the significance of a revitalised Vodafone Idea for India, he described the moment as the commencement of Vodafone Idea 2.0.
"The emphatic oversubscription of the FPO- with the overall book being subscribed 7 times and the institutional book being subscribed 19 times demonstrates the tremendous potential of the India digital story and Vodafone Idea's role in it," said Birla.
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