Idea Cellular, India?s third largest operator by subscriber base, has opened a qualified institutional placement (QIP) issue through which it will offer equity shares worth Rs 30 billion.
In a filing with the Bombay Stock Exchange, the operator has stated, ?The securities allotment committee of the board of directors of the company, at its meeting held on June 5, 2014, has decided to open a QIP issue by way of issue of equity shares.?
Further, Idea Cellular added that that the committee has fixed a floor price of Rs 136.98 per equity share. The share sale was approved by Idea Cellular?s board of directors on August 1, 2013.
As per industry reports, Idea Cellular is augmenting its finances ahead of the next round of spectrum auctions which are scheduled for end-2014. The operator is expected to make investments worth Rs 35 billion to build and expand its network to launch 3G services in the Delhi circle by 2015.
