Idea Cellular Ltd approves issue of shares at Rs. 144.68

Pursuant to the resolution passed by the Board of Directors of Idea Cellular Ltd at their meeting held on August 01, 2013, the Securities Allotment Committee of the Board, at its meeting held on June 10, 2014, has decided and approved 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.

The Board also approved convening an Extra-ordinary General Meeting of the members of the Company on July 10, 2014 for approval of the aforesaid preferential issue.

Shares of IDEA CELLULAR LTD. was last trading in BSE at Rs.143.6 as compared to the previous close of Rs. 145.25. The total number of shares traded during the day was 1317608 in over 26109 trades.

The stock hit an intraday high of Rs. 148.55 and intraday low of 142.3. The net turnover during the day was Rs. 191563925.

Source : Equity Bulls

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