Throwing light on the FPO plans, the brokerage firm has highlighted three points: while the fund-raise should improve the company's short-term prospects, the brokerage is still worried about potential large stock dilution (on the conversion of GoI dues) and does not believe the company will gain any appreciable market share from competitors. In the worst-case scenario, minority investors would not have much opportunity for considerable upside as the GoI may own an entirely diluted 80%+ stake in Vodanfone Idea. In addition to the previous issue of preferential equity to promoters for ₹ 2,080 crore, Vodafone Idea has announced an FPO for ₹ 18,000 crore at ₹ 10- 11/share. In addition, the brokerage believes Vodafone Idea would be able to obtain further bank funding with a significant decrease in bank debt (~ ₹ 4,500 crore by the end of February 2024).