After achieving a complete subscription on their follow-on public offer, Vodafone Idea CEO Akshay Moondra has written to customers, saying that the company is on a new growth trajectory.
In a letter shared with Vi customers, Moondra said, “I am delighted to share some exciting news with you: Vodafone Idea (Vi) has recently achieved a significant milestone. We raised capital through a successful FPO in Apr’24, which has been the largest FPO in the country and has been subscribed ~7 times. This success is a testimony to the trust and confidence that our investors have in brand Vi.”
Vodafone Idea will be using these funds to invest in their 4G and 5G networks. Moondra informed customers, “Our upcoming investments will focus on both the expansion of our 4G services and the roll-out of 5G services with the latest technology, thus ensuring that we continue to deliver the service quality that you expect. We are ready for a new chapter of growth and innovation empowered by our state-of-the-art network, advanced technology, and unwavering commitment towards customer satisfaction.”
Vi will be installing 26,000 towers over the period of two years, using fundraise from the FPO as well as the issuance of further debt from banks. In the lead-up to the same, Vi has been meeting financial analysts in the interim period between May 2 and May 10 to further make their case.