Idea Cellular issue equity shares worth up to Rs 3,500 crore

Idea Cellular Ltd’s has approved the issuance of equity shares by way of qualified institutional placement (QIP) to eligible investors, for an amount not exceeding Rs 3,500 crore, the company said to the stock exchanges on Wednesday. The issuance modalities will be in accordance with the SEBI regulations.

Idea Cellular today completed the allotment of 32,66,33,165 equity shares to the Aditya Birla Group entities, at an issue price of Rs 99.50/share aggregating to Rs 3,250 crore.

Meanwhile, the promoters of the company, Birla TMT, Elaine Investments, Oriana Investments have already invested Rs. 3250 crore to strengthen its balance sheet. Following this equity infusion by Idea Cellular’s promoters, their stake in Idea Cellular will go up at 47.2 percent from the 42.42.

Shares of Idea Cellular was trading up 1.36% at Rs. 85.65 on NSE post lunch hours of trading.