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Idea board approves issue of Rs 32.50 billion worth of equity to promoters

January 04, 2018

The board of Idea Cellular has approved the proposal to raise Rs 32.50 billion through the issuance of preference shares to promoters. According to Idea Cellular, approximately 326.6 million preference shares will be issued to its promoters at Rs 99.50 per share. The company’s promoters include Birla TMT Holdings Private Limited, Elaine Investments Pte. Ltd. (Singapore), Oriana Investments Pte. Ltd. (Singapore) and Surya Kiran Investments Pte. Ltd. (Singapore).

The preference share issue is expected to be completed by February 2018, subject to approvals from appropriate regulatory bodies. On completion, the share of the promoters’ group will increase to 47.2 per cent from 42.4 per cent at present.

In addition, the board also constituted a committee of board members to evaluate potential methods to raise Rs 35 billion through several options such as preferential shares, qualified institutional placements or a rights issue. However, appropriate disclosures will be made once the board approves such issuance of additional capital based on the recommendations of the committee.


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