22nd Apr 2016 15:05
LONDON (Alliance News) - Vodafone Group PLC started the ball rolling for the initial public offering of shares in its Indian subsidiary by inviting banks to make pitches to manage the flotation in India, Reuters reported Thursday, citing people with "direct knowledge of the deal".
The IPO is expected to raise between USD2.0 billion and USD2.5 billion, the people said.
The company is expected to pick about half a dozen banks to manage the offering in the next two weeks, according to the report.
Vodafone announced said last November it had started preparations for floating its Indian subsidiary.
http://www.reuters.com/article/us-vodafone-group-india-ipo-idUSKCN0XI1PW
Shares in Vodafone were down 1.8% at 227.20 pence Friday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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