'FPO marks start of Voda Idea 2.0': Kumar Mangalam Birla says India deserves 3 telecom players

Vodafone Idea FPO: Aditya Birla Group Chairman Kumar Mangalam Birla called Vodafone Idea's follow-on public offer (FPO) as a turning point for India's telecom industry, adding that the event marked the "start of Voda Idea 2.0".

Shares of Vodafone Idea rebounded more than 11 per cent in the trading session on Thursday after the securities issue in FPO were listed. The stock kicked-off the trading session at Rs 11.80 but was seen at Rs 13.10 within a few minutes, as the session progressed and buyers lapped up shares near the FPO price of Rs 11.

At the Vodafone Idea FPO ceremony at the National Stock Exchange (NSE) , Birla said the firm will stage a strong comeback after the fundraising.

Birla said robust engagement from both foreign and national investors in the FPO was heartening, adding that the country deserved three telecom players. He said AB Group is committed to telecom with a cumulative investment of ₹1,70,000 crore. He further  said the proceeds of the fund raise have been earmarked for a significant capex.

Incorporated in March 1995, Vodafone Idea is a telecommunications player, which provides voice, data, and value-added services across 2G, 3G, and 4G technologies, such as short messaging and digital services for enterprises and consumers. It offers mobile and fixed services to more than 30 crore customers in 17 countries.

Jefferies India, Axis Capital and SBI Capital Markets are the book running lead managers of the Vodafone Idea FPO, while Link Intime India is the registrar for the issue.