The successful completion of the Rs 18,000 crore follow-on public offer (FPO) marks the beginning of vodafone idea 2.0, which will stage a “smart transformation”, Aditya Birla Group Chairman Kumar Mangalam Birla Said. Birla praised PM Narendra Modi And Telecom Minister Ashwini Vaishnav appreciated the favorable policy environment that encourages investment, innovation and competition. FPO The overall book received seven times subscription and the institutional book received 19 times subscription – reflecting the tremendous potential of India’s digital story and Vodafone Idea’s role in it.” Birla said, ”I believe that a revitalized Vodafone The idea is important India,” he said.
Here is Birla’s speech on Vodafone Idea’s FPO listing NSE On 25 April 2024.
Birla highlighted the government’s support in preserving the competitive three-player market and expressed its commitment to persist in the sector.
good morning to all! It is indeed wonderful to see Vodafone Idea coming to NSE for listing of equity shares after a remarkably successful FPO. Idea Cellular was listed on the stock exchange 17 years ago. Since then the story of Bharat Telecom has been marked by many events and milestones.
And I believe the successful completion of India’s largest FPO worth Rs 18,000 crore is such a turning point for the telecom industry. The fact that so many leading investors participated in this equity issuance is a testament to the government’s vision of Digital India. The strong oversubscription of the FPO – the overall book was subscribed 7x and the institutional book was subscribed 19x – reflects the tremendous potential of India’s digital story and Vodafone Idea’s role in it. The strong engagement of both foreign and domestic investors is encouraging. In particular, given the sheer scale of the offer, full membership of the retail portion is indeed commendable.
Vodafone Idea’s journey to this point has been significantly shaped by the government’s pioneering reform package, which was nothing short of transformational for the entire sector. I thank Honorable Prime Minister Shri Narendra Modi Ji, Honorable Finance Minister Smt. Nirmala Sitharaman And thank you to the Honorable Telecom Minister Shri Ashwin Vaishnav for his leadership and clear commitment to preserving the competitive 3-player market. Today’s policy environment encourages investment, innovation and competition.
India’s digital economy is growing rapidly and strong telecom networks are critical to support this growth. The country of 1.4 billion people is entitled to three private telecommunications companies.
Vodafone Idea is not just a telecom company today. It is a national asset – with 215 million users, nearly 8000 MHz of spectrum and a network spanning from Kashmir to Kanyakumari.
As you all know, Aditya Birla Group has been committed to this sector for more than two and a half decades. With our partner Vodafone Group, we have cumulatively invested approximately Rs 170,000 crore in the Indian telecom industry. Before this FPO, in the last 5 years, more than 75% of the Rs 30,000 crore raised by the company came from the two promoter groups. The latest fund addition has also seen investments of over Rs. 2,000 crore from Aditya Birla Group. This continued commitment stems from our belief in the promise of India’s digital story.
The proceeds from this fund raising are earmarked for a significant capital expenditure cycle. This growth capital expenditure will pave the way for network and technology upgrades in key markets. And this will result in increased operational efficiencies and better performance. The cycle of investment will accelerate the cycle of development. On the back of this fund raise and continued support from banks, Vodafone Idea will drive a smart transformation. This moment in some ways marks the beginning of Vodafone Idea 2.0. I believe a revived Vodafone Idea is important for India.
I would like to take a moment to acknowledge the tireless spirit of the Vodafone Idea team. From network technicians and marketing executives to customer service agents—the “Vi” (pronounced WE) team has demonstrated extraordinary commitment, resilience and tenacity. Amidst the storms of uncertainty, they remain steadfast day after day. It wouldn’t be an exaggeration to say – what a team, Sirji!
I would also like to thank the 215 million users who have supported the company through all difficult times. Their support is the foundation on which Vodafone Idea will grow.
Heartfelt thanks also to our banking partners, Axis, Jefferies and SBI Caps for this blockbuster FPO.
Once again, I am grateful to all who have believed in, invested in and committed to the vision of Digital India. A vision that will continue to drive Vodafone Idea forward. Today, when we stand at the cusp of the digital revolution, a revitalized Vi, in collaboration with other telecom players, will contribute meaningfully to the exciting and sustainable growth journey ahead.
thank you so much!
Here is Birla’s speech on Vodafone Idea’s FPO listing NSE On 25 April 2024.
Birla highlighted the government’s support in preserving the competitive three-player market and expressed its commitment to persist in the sector.
good morning to all! It is indeed wonderful to see Vodafone Idea coming to NSE for listing of equity shares after a remarkably successful FPO. Idea Cellular was listed on the stock exchange 17 years ago. Since then the story of Bharat Telecom has been marked by many events and milestones.
And I believe the successful completion of India’s largest FPO worth Rs 18,000 crore is such a turning point for the telecom industry. The fact that so many leading investors participated in this equity issuance is a testament to the government’s vision of Digital India. The strong oversubscription of the FPO – the overall book was subscribed 7x and the institutional book was subscribed 19x – reflects the tremendous potential of India’s digital story and Vodafone Idea’s role in it. The strong engagement of both foreign and domestic investors is encouraging. In particular, given the sheer scale of the offer, full membership of the retail portion is indeed commendable.
Vodafone Idea’s journey to this point has been significantly shaped by the government’s pioneering reform package, which was nothing short of transformational for the entire sector. I thank Honorable Prime Minister Shri Narendra Modi Ji, Honorable Finance Minister Smt. Nirmala Sitharaman And thank you to the Honorable Telecom Minister Shri Ashwin Vaishnav for his leadership and clear commitment to preserving the competitive 3-player market. Today’s policy environment encourages investment, innovation and competition.
India’s digital economy is growing rapidly and strong telecom networks are critical to support this growth. The country of 1.4 billion people is entitled to three private telecommunications companies.
Vodafone Idea is not just a telecom company today. It is a national asset – with 215 million users, nearly 8000 MHz of spectrum and a network spanning from Kashmir to Kanyakumari.
As you all know, Aditya Birla Group has been committed to this sector for more than two and a half decades. With our partner Vodafone Group, we have cumulatively invested approximately Rs 170,000 crore in the Indian telecom industry. Before this FPO, in the last 5 years, more than 75% of the Rs 30,000 crore raised by the company came from the two promoter groups. The latest fund addition has also seen investments of over Rs. 2,000 crore from Aditya Birla Group. This continued commitment stems from our belief in the promise of India’s digital story.
The proceeds from this fund raising are earmarked for a significant capital expenditure cycle. This growth capital expenditure will pave the way for network and technology upgrades in key markets. And this will result in increased operational efficiencies and better performance. The cycle of investment will accelerate the cycle of development. On the back of this fund raise and continued support from banks, Vodafone Idea will drive a smart transformation. This moment in some ways marks the beginning of Vodafone Idea 2.0. I believe a revived Vodafone Idea is important for India.
I would like to take a moment to acknowledge the tireless spirit of the Vodafone Idea team. From network technicians and marketing executives to customer service agents—the “Vi” (pronounced WE) team has demonstrated extraordinary commitment, resilience and tenacity. Amidst the storms of uncertainty, they remain steadfast day after day. It wouldn’t be an exaggeration to say – what a team, Sirji!
I would also like to thank the 215 million users who have supported the company through all difficult times. Their support is the foundation on which Vodafone Idea will grow.
Heartfelt thanks also to our banking partners, Axis, Jefferies and SBI Caps for this blockbuster FPO.
Once again, I am grateful to all who have believed in, invested in and committed to the vision of Digital India. A vision that will continue to drive Vodafone Idea forward. Today, when we stand at the cusp of the digital revolution, a revitalized Vi, in collaboration with other telecom players, will contribute meaningfully to the exciting and sustainable growth journey ahead.
thank you so much!
