Idea Cellular to raise Rs. 3000 crore through QIP

The Board of Directors of Idea Cellular Ltd at its meeting held on August 01, 2013, has approved the proposal for further issue of equity shares of the Company for an amount not exceeding Rs. 3,000 crores, by way of Qualified Institutions Placements to the eligible investors in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR Regulations) and further issue of equity shares of the Company of up to an amount not exceeding Rs. 750 crores, by way of Preferential Issue to Axiata Group Berhad (or its nominee entity) in accordance with the ICDR Regulations pursuant to the provisions contained in the Share Subscription Agreement dated June 25, 2008 entered into with them.

The timing, pricing and exact quantum of equity shares to be issued are to be decided by the Securities Allotment Committee, a Committee of the Board of Directors, mandated for the purpose.

The above are subject to the approval of members at the General Meeting of the Company and all the requisite approvals as may be required from regulatory authorities and in accordance with the provisions of the applicable law.

Shares of Idea Cellular was last trading in BSE at Rs.158.55, down by Rs.8.80 or 5.26%. The stock hit an intraday high of Rs.176.35 and low of Rs.149.65.

The total traded quantity was 21.71 lakhs compared to 2 week average of 8.83 lakhs.

Source : Equity Bulls

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