Idea Cellular has raised Rs 7.50 billion through preferential allotment of 51,838,540 equity shares to Axiata Investments 2 (India) at a face value of Rs 10. Axiata Investments 2 (India) is a wholly-owned subsidiary of the operator?s existing shareholder, Malaysia-based telecom operator Axiata Group.
The issue price of an equity share is Rs 144.68, which includes a premium of Rs 138.68 per share. The operator is expected to use the funds for acquiring spectrum in the upcoming auctions.
With this, the paid-up equity share capital of Idea Cellular increased to about Rs 36 billion with 35,958,984,180 equity shares of Rs 10 each.
Earlier, the shareholders of Idea Cellular had approved the share allotment vide special resolution passed at the Extraordinary General Meeting held on 10 July 2014.
Earlier in July 2014, Idea Cellular had raised Rs 3.5 billion by issuing equity shares to institutional investors.
