Idea to raise Rs 750 cr through preferential issue

Tags: News
Idea Cellular has said it will raise Rs 750 crore by issuing equity shares on preferential basis to its shareholder, Malaysia-based Axiata.

Idea said the securities allotment committee of the board, at its meeting on June 10, has approved issuance of 5.18 crore shares at a price of Rs 144.68 per equity share to Axiata Investments 2 (India) Ltd.

"Approved making of issuance of up to 5,18,38,540 equity shares of Rs 10 each for cash at a price of Rs 144.68 per equity share aggregating to approx Rs 750 crore, on a preferential basis to Axiata Investments 2 (India) Limited (a wholly owned subsidiary of Axiata Group Berhad, Malaysia), subject to necessary approvals," Idea said in a filing to the BSE.

It said the company will convene an extra-ordinary general meeting on July 10, for approval of the aforesaid preferential issue.

It is raising funds for spectrum auctions later this year. Nine circles in which Idea Cellular holds spectrum in the premium 900 MHz band are coming up for renewal between December 2015 and April 2016.

EDITORIAL OF THE DAY

  • EPFO and NPS can deliver better returns only if they invest more in equities

    The employees’ provident fund organisation’s (EPFO’s) reported plan to increase exposure of its investible cash in exchange trade funds (ETFs) f

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Susan Visvanathan

Tracing societies through biographies

Memory is thought to be multilayered and interactive. Small ...

Zehra Naqvi

Let others show you what they see

The power to imagine yourself in someone else’s shoes, to ...

Dharmendra Khandal

When it rains, this beetle starts rolling dung

On the buffer road of a forest, a small metallic ...