Vodafone Idea rises nearly 14.50% after Board approves anchor investor offer price

Vodafone Idea Share Price: Vodafone Idea jumped nearly 12 per cent on BSE on Tuesday (April 23, 2024) in the first trading session after its follow on public offer (FPO) closed and the board approved the offer price.

The stock that opened at Rs 12.99 on Tuesday rose to the day's high of Rs 14.75, a 14.75 per cent jump from the previous close. 

The stock of the telecom giant closed trading higher by 11.64 per cent, or Rs 1.50, at Rs 14.39 on Tuesday.

In a letter to exchanges on Monday, Vodafone Idea wrote: "We wish to inform you that the Board, at its meeting held today i.e. 22 April 2024 has approved and adopted the prospectus dated 22 April 2024 (the “Prospectus”), in connection with the Offer." 

It said that following resolutions were also passed in the board meeting:

a. Determined and approved the offer price of Rs 11/- per equity share.

b. Approved the anchor investor offer price of Rs 11/- per equity share.

Vodafone Idea FPO subscription details 

Total 7X 
QIB 19.3X 
NII  4.5X 
Retail 1X