The rights issue of Vodafone Idea worth Rs. 25,000 crore has been oversubscribed confirms the company on Thursday after some of the media reports stated that the issue was undersubscribed.
In an exchange filing the company said, "The company would like to clarify that based on preliminary information received the total applications from ASBA (applications supported by blocked amount) and non-ASBA have exceeded the total issue amount of Rs 25,000 crore".
Through the rights issue that was open for subscription between April 10 and April 24, the company offered additional 2,000 crore shares at Rs. 12.50 per share.
As per the data on the NSE, the Vodafone Idea rights issue entailing issuance of 2000 crore new shares, received bids for 1,109 crore shares as on Wednesday.
Vodafone Group and Aditya Birla Group, promoter shareholders of Vodafone Idea, reiterate to the board that they will contribute up to Rs 11,000 crore and up to Rs 7,250 crore, respectively, as part of the rights issue size of Rs. 25,000 crore.