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

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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • After euphoric rally, Q4 numbers will show the ugly belly of India Inc

    In the last one year, equity indices have clocked spectacular gains.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Today's Columns

Taslima Nasreen

Where priorities play googly

Many say that to keep India’s hopes alive in the ...

Purnendu Ghosh

Be afraid of how you spend your anger

To develop a cost effective product in a techno-bulged industry ...

Shona Adhikari

Anjolie Ela Menon, the storyteller, is back

Anjolie Ela Menon, one of India’s most celebrated artists, is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture