Voda Idea rights issue receives bids for 1,109 cr shares: NSE data

New Delhi: Vodafone Idea has received bids for 1.109 crore shares in its rights issue entailing 2,000 crore shares, according to reports.

The NSE data on Wednesday said the the rights issue had received bids for 11,09,28,57,339 shares at 20:00 hours and showed the status as “active”.

The telecom major through the rights issue, which ran between 10 April and 24 April, offered 2,000 crore new shares at Rs 12.50 apiece.

The company said its interactions with investors suggest there is a ‘strong demand for the rights issue’.

“Axiata’s renunciation has been fully taken up with a strong demand. Hence, we have good reason to believe that the issue will be fully subscribed,” Vodafone Idea said in an e-mail response. The company expects allotment to be made on or around 6 May, as mentioned in the offer document.

Data on the BSE showed that 492 crore bids were received as on 20:00 hours. The company had earlier said its rights issue entitlement worth about Rs 2,000 crore renounced by Malaysia-based Axiata Group was fully subscribed on strong demand.

Promoter shareholders – Vodafone Group and Aditya Birla Group – have reiterated to the board that they intend to contribute up to Rs 11,000 crore and up to Rs 7,250 crore, respectively, amounting to a total of Rs 18,250 crore, as part of the Rs 25,000 crore rights issue.