Vodafone Idea Rs 18,000 crore FPO: GQG, SBI Mutual Fund eye investments, says report

Vodafone Idea FPO: Vodafone Idea share price NSE BSE: Investment firm GQG Partners and State Bank of India Mutual Fund are considering investing up to $800 million in total in a $2.16 billion (Rs 18,000 crore) share offering of Indian telecom firm Vodafone Idea, according to two people familiar with the matter.

US-based GQG, run by India-born executive Rajiv Jain, plans to invest about $500 million, while SBI Mutual Fund is considering an investment of $200–300 million in the follow-on public offering, said both people, who declined to be named as the plans are confidential.

It said earlier on Friday that the sale of new shares will run from April 18 to April 22.

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GQG and SBI Mutual Fund are considering investments under the institutional quota of what will be India's biggest secondary offering. A final decision on their investments has not been reached.

Vodafone Idea plans to use the funds to expand its 4G network, set up 5G networks, and pay taxes and dues, it said in its regulatory filing this week.