New Delhi: The recently concluded Vodafone Idea rights issue has resulted in losses for the public shareholders, eroding 21 per cent of their shareholding value, according to industry sources.
As per the sources, the total loss to public shareholders is to the extent of Rs 1,317 crore.
The country’s largest telecom operator had approved the rights issue for shareholders on January 23, 2019, when the closing stock price was Rs 33.90.
The rights issue, for raising Rs 25,000 crore, opened on April 10 and closed on April 24. Vodafone Idea had offered 2,000 crore shares at a price of Rs 12.50 a share. The entitlement ratio of the issue was 87 rights shares for every 38 currently held by shareholders.
The impact of the rights issue on shareholders has been a loss of Rs 2,024.85 for a subscriber to the issue and Rs 2,105 for an non-subscribing investor, the sources said.
The value of 100 shares before the rights issue, as on 23 January, 2019, was Rs 3,390 for both categories - rights subscribed or rights not subscribed. (IANS)
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