Idea Cellular zooms 12%; to raise INR 3,250 crore

Idea Cellular zooms 12%; to raise INR 3,250 crore

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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.

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Yash Ved
Yash Ved is a Senior Correspondent at NewsBarons and comes with a decade of experience across leading online and offline publications. A keen observer of the stock index movement, Yash also likes covering Real Estate and the BFSI sector. A financial management and Journalism student, Yash believes learning as a continuous journey and enjoys following the IT and the Pharmaceutical industry and has penned many articles on the subjects.
yash@newsbarons.com