Vodafone shares fall 4% after company plans for FPO

Vodafone Idea’s stock dropped by more than 4% after the company announced plans for a public offering of its shares worth Rs 18,000 crore.

The company’s board approved this decision on Friday. The follow-on public offer (FPO) is set to begin on April 18 and end on April 22. The anchor investor bid will start on April 16.

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On Thursday, the telecom operator also passed a resolution to submit the red herring prospectus to the Gujarat Registrar of Companies for the further public offering of equity shares.

As of 10:15 am, the shares were trading 4.25% lower at ₹12.40 on the NSE.