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Idea Cellular raises Rs 35 billion through QIP at Rs 82.50 per share

February 16, 2018

Idea Cellular has raised around Rs 35 billion through a qualified institutional placement (QIP) priced at Rs 82.50 per share. The fund raising exercise is a part of Idea's plans to raise Rs 67.5 billion to cut debt and free up cash ahead of the Vodafone India merger.

Earlier, Idea Cellular had raised Rs 32.5 billion through a preferential allotment of 326.6 million equity shares priced at Rs 99.50 per share to the promoter group. Post this, Aditya Birla Group's stake in Idea Cellular rose to 47.2 per cent from 42.4 per cent.

Idea's QIP was conducted by the Bank of America Merill Lynch and Citibank and attracted bids from close to 30 investors, which include several large mutual funds and insurance companies. While the current large shareholders were restrained in their bids, new investors showed confidence in the entity.

Idea Cellular and Vodafone India will also infuse Rs 78.50 billion from their tower sale to to the American Tower Corporation, which was finalised in January 2018. The abovementioned funds along with proceeds from the tower sale will give the merged entity a combined cash of over Rs 210 billion.

 

 

 
 

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