- The Idea Cellular shares hit a high of Rs 118 in the intraday trading
- Idea Cellular will issue shares to Aditya Birla Group company
- Idea Board will approve extraordinary general meeting on January 30
The board also approved convening of an extraordinary general meeting of the company on January 30, 2018 to approve the issue of equity shares to the proposed allottees on a preferntial basis.
The shares will be issued to entities under Aditya Birla Group -- Birla TMT Holdings Private Limited, Elaine Investments Pte Ltd (Singapore), Oriana Investments Pte Ltd (Singapore), Surya Kiran Investments Pte Ltd (Singapore), the statement said.
"The aggregate capital infusion will be of Rs. 32,500 million," the statement said.
The issue is expected to complete by early February, 2018, subject to regulatory approvals, post which the shareholding of Promoter group in Idea will increase to about 47.2 per cent from existing level of around 42.4 per cent.
"The Aditya Birla Group remains committed towards the telecom business. The group is in the process of creating a large digital infrastructure...At a time when the telecom industry is going through a challenging environment, this equity infusion by the Group in Idea is another step towards reinforcing the group's commitment," Idea Cellular chairman Kumar Mangalam Birla said.