Foreign investors GQG, Fidelity Investments and Redwheel Funds have invested in the Vodafone Idea Ltd. through the follow-on public offer, according to an exchange filing. GQG has invested Rs 1,348 crore, Fidelity Rs 774 crore and Redwheel Funds has put in Rs 281 crore.
As per the release, domestic mutual funds include HDFC funds, Motilal Oswal, Quant, Baroda BNP Paribas, 360 One.
Vodafone Idea has approved a price band of Rs 10-11per share for its upcoming offer which will end on April 22.
The backing from the likes of GQG is a major shot in the arm for Vodafone Idea. The telecom operator has been plagued by financial losses and an eroding subscriber base as users switched to rivals, Reliance Jio Infocomm Ltd. and Bharti Airtel Ltd.
While Vodafone Idea hasn’t reported an annual profit since 2016, the Government has said that it won’t allow a duopoly in the Indian telecom sector, and this has enthused investor hopes of a Vodafone Idea comeback.
(This is a developing story and will be updated shortly)
