The Rs 18,000 crore follow-on public offer (FPO) signifies the commencement of Vodafone Idea 2.0, heralding a 'smart turnaround,' according to Aditya Birla Group chairman Kumar Mangalam Birla. Birla highlighted the conducive policy environment supporting investment, innovation, and competition during Vodafone Idea's FPO listing on the National Stock Exchange on April 25.
"The emphatic oversubscription of the FPO - with the overall book being subscribed seven 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," Birla said. "I believe that a revitalised Vodafone Idea is important for India."
The FPO by the third-largest telecom operator in the country was part of a strategy to raise Rs 45,000 crore through a combination of debt and equity.
Vodafone Idea's journey to this point has been shaped significantly by the government's reform package, which was nothing short of transformational for the entire sector, he said, as he highlighted the government's support in preserving a competitive three-player market.
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