Idea Cellular to raise Rs 3,500 cr via QIP

Mumbai Feb 21 (IANS) Idea Cellular on Wednesday said its capital raising committee has approved an issue price of Rs 82.50 per equity share for sale of shares through a qualified institutional placement (QIP) to raise Rs 3 500 crore.

"The capital raising committee of the company at its meeting held on Wednesday approved the closure of the issue period for the QIP " it said in a regulatory filing.

"(The committee) determined and approved the issue price of Rs 82.50 per equity shares (including a premium of Rs 72.50 per equity share) for issuance of 424.2 million equity shares aggregating approximately to Rs 35 000 million (Rs 3 500 crore) to be allotted to the eligible qualified institutional buyers in the QIP " it further said.

The committee also approved and adopted the placement document in connection with the QIP.

--IANS
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