In Short:
SBI chairman Dinesh Kumar Khara praises the success of Vodafone Idea’s FPO, attributing it to the trust shown by Aditya Birla Group chairman Kumar Mangalam Birla. Birla’s personal investment and global capital sourcing shows commitment to the telecom sector. Vi’s FPO will be followed by a debt issue to raise Rs 25,000 crore for financial revival. Khara emphasizes the importance of Indian investors in the telecom sector’s growth.
SBI Chairman Dinesh Khara Lauds Success of Vodafone Idea’s FPO
In a recent event marking Vodafone Idea’s follow-on public offer (FPO) listing on the NSE, State Bank of India (SBI) chairman Dinesh Kumar Khara praised the success of the FPO and highlighted the positive impact of Aditya Birla Group chairman Kumar Mangalam Birla’s involvement in the telco’s revival.
Sign of Trust and Confidence
Khara emphasized that the success of the FPO represents a “leap of trust” from the larger investor community towards Vodafone Idea. He commended Birla for his leadership and commitment to the telecom sector, noting the personal investment and global capital sourcing efforts.
Support for Telecom Sector
Khara stressed the importance of having multiple private telecom providers in the country, echoing the government’s desire for a competitive market. He credited Birla’s support for enabling Vi’s fundraising initiatives and revival plans.
Future Financial Health
Vi’s board approval for a preferential share issue and the upcoming debt issue signal a strategic move towards financial stability. The targeted fundraising drive of Rs 45,000 crore aims to enhance Vi’s financial health and competitiveness against industry giants.
Opportunities in the Telecom Sector
Khara highlighted the digital future and growth potential in the telecom industry, emphasizing the importance of Indian investors benefiting from sector growth. He applauded the retail participation in Vi’s FPO as a testament to investors’ trust in the Aditya Birla Group.
