International Finance Corporation (IFC) has invested Rs 3.89 billion (about $65 million) to acquire 0.8 per cent stake in Idea Cellular through the qualified institutional placement (QIP) route. Idea Cellular will use the proceeds of this stake sale to meet its business requirements including payment towards spectrum in the upcoming auctions.
The company has witnessed several changes in shareholding over the past few months. In September 2014, Providence Equity Partners, through its affiliate P5 Asia Holding Investments (Mauritius) Limited, sold 2.40 per cent stake in Idea Cellular for Rs 14.14 billion through an open market transaction. Following the stake sale, Providence Equity Partners owns 6.91 per cent stake in the company.
Earlier in June 2014, the company had raised Rs 30 billion by selling 223.9 million equity shares to qualified institutional buyers at a share price of Rs 134 per share. Meanwhile, Idea Cellular had also raised another Rs 7.5 billion from existing investor Axiata Group Berhad through a preferential allotment. This has allowed Axiata to maintain its previous holding.
