Analysts had said Axiata would have to accept the offer unless it was able to find a partner to fund a counterbid since M1 was a non-core asset. The 28.67% stake comprises 265.41 million shares.
MUMBAI: Vodafone Idea Ltd.’s rights issue oversubscribed with ~270b rupees of bids being placed for 250b rupees of shares to be issued, Bloomberg Quint reports citing people it didn’t identify.
Axiata Investments, which held a stake of ~8.15% in Vodafone Idea, didn’t exercise its right; Axiata’s portion renounced in favoUr of 20 foreign investors: report
Founders subscribed 182.5b rupees of rights shares, other investors committed 87b rupees for issue. - Bloomberg
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