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

  • Sebi’s decision to amend advertisement guidelines will have positive implication

    In its recent board meeting, capital market regulator, Securities and Exchange Board of India (Sebi) decided to amend the advertisement guidelines for

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

Disequilibrium:The recriminations of the Princely Order

The independence and brutal partition of India was done and ...

Rajgopal Nidamboor

Of life’s essentiality and synchrony

It is no big deal to think of psychology as ...

Anil Dharker

No women, no Cry

EDM, as you would know if you are young, (and ...