The Rs 25,000-crore rights issue of Vodafone Idea has been subscribed 1.07 times, according to data accessed by merchant bankers involved in the process.
Through the rights issue, which ran between April 10 and April 24, the country's largest telecom operator offered 2,000 crore new shares at Rs 12.50 apiece.
As per data published by NSE, the rights issue has received bids for 1,109 crore shares.
"The Vodafone Idea rights has been subscribed 1.07 times as per data available from registrar to the rights issue last night. This can go up. Final data is expected to be published by the registrar today (Thursday)," one of the bankers involved in the rights issue process told PTI.
The banker said that the data published by stock exchanges does not include subscription that goes to the registrar directly under Applications Supported by Blocked Amount (ASBA) facility.
He said that the rights issue entitlement worth about Rs 2,000 crore renounced by Malaysia-based Axiata Group has gone through ASBA route.
Axiata held 71.2 crore shares; and in the ongoing rights issue, it was entitled to subscribe 163 crore shares worth about Rs 2,000 crore.
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.
According to a JM Financial report, minority shareholders will need to make an investment of at least Rs 5,410 crore in the rights issue to keep promoters' holding at 75 per cent, to comply with the Sebi norms.
The banker said that the investment of over Rs 8,400 crore through non-promoter equity portion has come, as per data which was available on Wednesday night - when issue closed, and final figure will be published on Thursday.
Vodafone Idea shares were trading at Rs 16.75 apiece, down by 2.62 per cent compared the previous close on BSE.