‘FPO marks start of Vodafone Idea 2.0’
this risk,” the ministry acknowledged.
While geopolitical tensions remain a concern, risk perceptions have softened, oering a potential upside for growth and India continues to exhibit robust economic performance, the ministry said, citing strong domestic demand, rural demand pickup, robust investment, and sustained manufacturing momentum.
The ministry said that improved consumer and investor condence underpinned the country’s ability to navigate global challenges successfully.
“In March 2024, India’s economy was marked by record-breaking stock market performance, remarkable GST collections, and substantial growth in the manufacturing and services sectors, reecting a buoyant domestic economic landscape.
Vodafone Idea Ltd.’s successful fundraising of ₹18,000 crore through its Follow-on Public Oer (FPO) would enable the company to stage a turnaround, Aditya Birla Group Chairman Kumar Mangalam Birla said on Thursday.
“On the back of this fund raise and continued support from banks, Vodafone Idea will stage a smart turnaround. This moment... marks the beginning of Vodafone Idea 2.0. I believe that a revitalised Vodafone Idea is important for India,” Mr. Birla said at
VIL’s FPO listing event at the NSE.
Mr. Birla assserted that the successful conclusion of ‘India’s largest FPO’ had been shaped ‘signicantly’ by the government’s reform package.
“The policy environment today encourages investment, innovation, and competition. India’s digital economy is booming, and robust telecom networks are crucial to support this growth. A nation of 1.4 billion people deserves three private telecom players,” he said.
The Union government owns 33% in VIL, which is part of Aditya Birla Group.
Indicative direct rates in rupees a unit except yen at 4 p.m. on April 25
Source:Indian Bank