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Idea Cellular gets board’s approval to raise up to Rs 35 billion through QIP

Wednesday, 14 February 2018

In a regulatory filing, Idea Cellular has stated that its board of directors has given its final approval for the issuance of equity shares for an amount not exceeding Rs 35 billion. The funds are to be raised via qualified institutional placements (QIP) to the eligible investors in accordance with the Securities and Exchange Board of India guidelines.

The operator had recently raised Rs 32.50 billion through preferential allotment of shares to promoter Aditya Birla Group entities. Post the preferential allotment, the shareholding of the promoter group in Idea has increased from 42.4 per cent to 47.2 per cent. According to the company statement, the operator has allotted 326.63 million equity shares at Rs 99.50 per share.

In January 2018, Idea had unveiled plans to raise Rs 67.50 billion to reduce debt and free up cash for its merger with Vodafone India and had targeted Rs 32.50 billion in first tranche. The operator had also formed a committee to look into options of raising the second tranche of Rs 35 billion. Further, the Board has also authorised the committee of directors to take a decision on timing, pricing and quantum of equity shares to be issued.

 
 

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