GQG Said to Invest Around $400 Million in Vodafone Idea
- US investor buying in Vodafone Idea’s $2.2 billion share sale
- Indian government is the company’s largest shareholder
A Vodafone Idea store in Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Rajiv Jain’s GQG Partners LLC is looking to invest around $400 million in Vodafone Idea Ltd.’s share sale that starts later this week, according to people familiar, in a vote of confidence in the unprofitable Indian wireless operator.
GQG will place bids for equity worth at least $300 million and as much as $400 million in a follow-on public offer being floated by the joint venture between Vodafone Group Plc and the Aditya Birla Group, said people familiar with the discussions who did not want to be identified as the information is not public. Other institutional investors are also expected to buy into the sale, they added.