Vodafone Idea Limited approved a further public offering (FPO) of equity shares, aggregating up to ₹18,000 crore. The capital raising committee has also approved the price band for the FPO issuance.

According to the company, at ₹11, the higher end of the price band, represents a discount of approximately 26 per cent compared to the recently approved preferential issue price to the promoter entity at ₹14.87, and a discount of around 15 per cent compared to the last closing price of ₹12.95.

The FPO is scheduled to open on April 18 and close on April 22. The approval for anchor investor offers will be granted on April 16, per the company.

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Investors will have the opportunity to bid for a minimum of 1,298 equity shares, with the minimum application amount totalling ₹14,278 for one lot of shares at the upper end of the price band. Subsequently, bids can be made in multiples of 1,298 equity shares.

The board has given its approval for the adoption and filing of the red herring prospectus (RHP) for the FPO with the Registrar of Companies, Gujarat. Vodafone Idea’s Capital Raising Committee was held to consider and approve the price band and discount for the FPO.

This FPO initiative follows the board’s approval on February 27 to raise up to ₹20,000 crore via equity. Recently, the company raised ₹2,075 crore through the issuance of preferential shares to Oriana Investments Pte Ltd., a promoter entity belonging to the Aditya Birla Group.

The shares were down by 4.25 per cent to ₹12.40 at 11 a.m. on the NSE.