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Vodafone Idea rights issue erodes 21% shareholding value
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SME Times News Bureau | 16 May, 2019
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.
The
value of shares acquired in the rights issue on a 38:87 ratio, with 229
additional shares on the subscribed portions of the issue, is Rs
2,862.50.
The total cost of shares held is Rs 6,252.50 for the
rights subscribed, and Rs 3,390 for the rights not subscribed. The value
of shares as on date is RS 4,227.65 for rights subscribed and Rs 1,285
for rights not subscribed.
The loss to the small investors on
this account for rights subscribed is Rs 2,014.85, while for the rights
not subscribed it is Rs 2,105 which translates into a per share loss of
Rs 6.15 for rights subscribed, and Rs 21.05 for rights not subscribed.
Subscribers
to the rights issue have a total of 2,47,36,02,771 shares, and with the
loss at Rs 6.15 per share, the total loss in this category is Rs 1,251
crore.
Investors who did not subscribe to the rights issue have
3,12,75,382 shares, where the loss per share is at Rs 21.05 for an
aggregate loss of Rs 66 crore.
The total loss, thereby, to the investing public is Rs 1,317 crore.
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