Idea Cellular has raised over Rs 72.94 billion, consequent to the completion of the allotment of over 0.46 billion equity shares to TMI Mauritius on a preferential basis.

Idea Cellular has raised over Rs 72.94 billion, consequent to the completion of the allotment of over 0.46 billion equity shares to TMI Mauritius on a preferential basis. The share issuance committee of TMI’s board has completed the allotment of the 464.73 million equity shares representing 14.99 per cent at Rs 156.96 each, on a preferential basis against the receipt of Rs 72.94 billion. TMI Mauritius initially held 49 per cent in Spice Communications, which translated into a 5 per cent corresponding stake in the merged Idea-Spice entity. The stake of TMI in the merged entity will be 20 per cent after the completion of the preferential offer. Meanwhile, Idea Cellular has deferred its open offer of an additional 20 per cent stake in Spice Communications following a delay in approval from the Securities and Exchange Board of India.