Vodafone Idea Ltd has fixed the price band for its Follow-on Public Offer (FPO) between Rs 10 and Rs 11 per share, according to an exchange filing.
The move comes after the company's board approved raising Rs 20,000 crore via equity on February 27.
When will the issue hit capital markets?
The FPO will open on April 18 and close on April 22. The anchor investor bids will get approval on April 16.
Investors can bid for a minimum of 1,298 shares. Going by the price band, the minimum application amount would cost between Rs 12,980 and Rs 14,278 for one lot of shares. The company plans to raise up to Rs 18,000 crore through the FPO.
Vodafone Idea stocks were trading 4.25 per cent lower at Rs 12.40 per share on the National Stock Exchange at 10 am on Friday.
Earlier the telecom firm's board had approved raising of Rs 2,075 crore from promoter Aditya Birla group and increasing its authorised share capital to Rs 1 lakh crore. The company is set to seek the approval of shareholders at an extraordinary general meeting on May 8.
The board also gave nod to increase the authorised share capital of the company from existing Rs 75,000 crore, divided into Rs 70,000 crore equity share capital and Rs 5,000 crore preference share capital, to Rs 1 lakh crore, according to a regulatory filing.