Vodafone Idea Limited (Vi) has released its Monitoring Agency Report for the quarter ended December 31, 2025. The report, issued by CARE Ratings Limited, confirms that proceeds from the Further Public Offer (FPO) were utilized as per the disclosed objectives. There were no material deviations noted, and the company remains in compliance with regulatory requirements. The report indicates that Vi is on track with its network expansion plans.
FPO Proceeds Utilization
The Monitoring Agency Report confirms that the proceeds from Vodafone Idea’s Further Public Offer (FPO) have been utilized appropriately for the objectives outlined in the offer document. The total issue size was Rs. 18,000 crore (Net Proceeds: Rs. 17,614.20 crore). As of December 31, 2025, no material deviations from the stated purposes were observed.
Key Observations
All utilization is per the disclosures in the Offer Document. There were no material deviations from expenditures disclosed in the offer document, no changes in the means of finance, and no major deviations observed over earlier monitoring agency reports.
Details of Utilized Objects
The primary object of the FPO was the Purchase of equipment for the expansion of network infrastructure. As of the end of Q3 2025, Rs. 9,004.19 crore has been utilized. Another key area for fund utilization was the payment of certain deferred payments for spectrum to the DoT and the GST thereon, for which the amount utilized was Rs. 4,432.80 crore. There has been some reallocation of funds from the purchase of equipment to the payment for deferred payments for spectrum.
Unutilized Proceeds
The total unutilized amount from the FPO proceeds as of December 31, 2025, is Rs. 1,488.33 crore. These funds have been deployed in fixed deposits with various banks like IDBI, SBI and ICICI. The earnings on these fixed deposits total Rs. 25.42 crore.
Source: BSE
