New Delhi, Apr 12 (EFE).- Indian telecommunication operator Vodafone Idea (Vi) announced the launch of a follow-on public offering (FPO) on Friday to raise $2.16 billion, in what will be the largest FPO sale in the country.

The public offering, which will open for bids from Apr. 18 to Apr. 22, will take place at a floor price of Rs 10 per share (about $0.12), according to a statement by Vi.

The maximum offer price will be Rs 11 per share, and the minimum offer lot is 1,298 shares and multiples thereof.

Vi, India's third largest mobile network, is a joint venture between the Indian subsidiary of the UK's Vodafone and Aditya Birla Group's Idea Cellular.

Vi's share price has been falling progressively for weeks since February when its board of directors announced the approval of fundraising through equity and debt.

The company has bank debt amounting to $53.9 million.

The funds will enable the company to expand 4G coverage and roll out and develop 5G capacity, according to Vi, which is lagging in services compared to market rivals Airtel and Reliance Jio. EFE

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