Thursday, 15 February 2018

Idea Cellular Will Raise Up To Rs 3,500 Crore By Issuing Equity Shares

Idea Cellular will raise up to Rs 3,500 crore by issuing equity shares to eligible investors through qualified institutional placement route.

"The Board of Directors today accorded final approval for issuance of equity shares for an amount not exceeding Rs 3,500 crore by way of QIP to the eligible investors," Idea said in a regulatory filing.

The floor price in respect of QIP, based on pricing formula, has been fixed at Rs 86.84 per share, it said in another filing.

The company may give a discount of up to 5 percent on the floor price in the QIP, it added.

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