Idea Cellular Ltd stock was higher by 12% at Rs. 116. The company announced that the board will approved issuance of 326.6 million shares at a price of Rs. 99.50 per share on preferential basis.
The aggregrate capital infusion will be INR 32,500 mn.
The deal will increase Aditya Birla Group’s stake in Idea to 47.2% from 42.4% currently.
The company intends to raise up to INR 3,500 crore rights issue, preferential issue or a share sale to institutions.
The above equity issue is subject to shareholders and other regulatory approvals.