Idea share sale of up to $506m subscribed nearly three times

Tags: Companies
Telecommunications company Idea Cellular Ltd's up to $506 million share sale to institutional investors, launched on Thursday, received a demand of nearly three times the number of shares on offer, people directly involved with the deal said on Friday.

The issue would be priced at 134 rupees per share, the sources said, declining to be named as the information is not public. Idea had set an indicative price band of 131-136.35 rupees for the sale, according to a termsheet seen by Reuters.

An Idea Cellular spokeswoman declined comment. By 2:19 p.m., Idea shares were trading 2.3 percent higher at 139.50 rupees.

EDITORIAL OF THE DAY

  • Should the law or the personal morality of leaders prevail?

    Boozers, desi liquor contractors, distillers, bar and restaurant owners in Bihar and elsewhere are in a celebration mode.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

BK Chaturvedi

We must improve our primary education

Census data has indicated that about eight crore children are ...

Zehra Naqvi

Elephant tracks

He remembers everything. That is the elephant’s great gift. After ...

Shona Adhikari

Where Bhupen Khakhar rubs shoulders with Georgia O'Keeffe

The next India Art Fair (IAF) is scheduled to take ...