The Telecom company, Vodafone Idea, on 17 April announced raising Rs 5,400 crore from 74 anchor investors, including The Master Trust Bank of Japan, GQG Partners, Morgan Stanley Investment Management, UBS, Australian Super, Citigroup Global Markets, Motilal Oswal, Fidelity, and Quant.

The company allocated 491 crore shares to these anchor investors at Rs 11 per share. The company allotted 26% of the total shares to US-based GQG Partners worth Rs 1,345 crore. Fidelity Investments picked up shares worth Rs 772 crore, while Troo Capital and Australian Super invested Rs 331 crore and Rs 130 crore, respectively.

Around 16.2% of the total shares amounting to Rs 874 crore to anchor investors were allocated to five domestic mutual funds, which were led by Motilal Oswal Midcap Fund, which invested Rs 500 crore.

The company is also planning to raise Rs 18,000 crore through India’s biggest-ever follow-on public offering on 18 April. The offering price band is set at Rs 10-11 per share and will close on 22 April.

Vodafone Idea plans to use this Rs 18,000 crore funds to set up new 5G sites, expand its 4G network, and defer spectrum payments.

The management of the company, in a press conference, said that they intend to cover subscribers accounting for 40% of its revenue with 5G services in the next 24-30 months.