Vodafone Idea to cement top spot in equity share count; nearly 4x YES Bank after fundraise

Vodafone Idea Ltd, which is already India’s biggest company in terms of number of equity shares, is set to strengthen its top place, dwarfing its next biggest peer — YES Bank Ltd — with nearly four-times gap, with the latest round of fundraise from its promoters valued at Rs 4,730 crore.

Vodafone Idea board approved to issue Rs 430 crore warrants, each convertible into one equity share, to Suryaja Investments, Singapore, (an Aditya Birla Group entity and Promoter Group Company), at an issue price of Rs 11 per warrant, aggregating upto Rs. 4,730 Crore on a preferential basis,” said the company in the exchange filing.

Once this allotment of warrants in converted in equity shares, Vodafone Idea see 4,30,00,00,000 equity shares added to its existing 1,08,34,30,35,001 equity shares with total number of share capital reaching to 1,12,64,30,35,001 equity shares, which is nearly 3.6 times of YES Bank’s total equity shares capital of 31,37,97,57,057 equity shares.

Following the YES Bank, Adani Power Ltd (19,28,46,94,705 shares), Indian Overseas Bank Ltd (19,25,65,89,795 shares) and HDFC Bank Ltd (15,39,33,68,328 shares) are the companies with highest numbers of paid-up share capital. Indian Oil Corporation, Suzlon Energy Ltd, Reliance Industries Ltd, Indian Railway Finance Corporation and GTL Infrastructure are the next five companies in line.

Despite having the highest number of equity shares, Vodafone Idea is ranked third amongst the most widely owned stocks with nearly 62 lakh shareholders. Tata Motors Ltd and YES Bank are the top two most widely owned stocks with nearly 67 lakh and 63 lakh shareholders, respectively.

Shares of Vodafone Idea have surged nearly 125 per cent from its 52-week low at Rs 6.12 hit in August 2025 to hit its 52-week high at Rs 13.68 on Tuesday, May 19. The stock was seen at Rs 13.65 on Wednesday, commanding a total market capitalization close to Rs 1.5 lakh crore. The stock has gained nearly 45 per cent in the last one month.
 

Vodafone Idea Q4 results
Vodafone Idea returned to black in the net profit in the March 2026 quarter as the company reported a net profit of Rs 51,970 crore, while its revenue from operations was up 3 per cent YoY to Rs 11,332 crore. Its ebitda came in at Rs 4,889 crore, up 43.1 per cent and  average revenue per user (ARPU) rose to Rs 190.
 

Vodafone Idea target prices
Among the global brokerage firms, CLSA has a ‘hold’ rating on Vodafone Idea with a target price of Rs 13, while Nomura has ‘neutral’ rating on the stock with a target price of Rs 12.6. However, Citi has a ‘buy’ on the stock with a target price of Rs 20 on the telecom player. On the other hand, Macquarie has an ‘underperform’ rating with a target price of Rs 9.

From the domestic analysts, ICICI Securities and Nuvama Institutional Equities have a ‘hold’ rating with target prices of Rs 11 and Rs 13.5, respectively. Motilal Oswal Financial Services has a ‘neutral’ rating on it with a target price of Rs 10. JM Financial has an ‘add’ rating on the stock with a target price of Rs 14.