Idea Cellular Launches Up To Rs 3,500 Crore Share Sale

Idea said that the share sale launched on Wednesday has a floor price of Rs 86.84 per share, with a potential discount of up to 5 per cent.

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Idea Cellular Launches Up To Rs 3,500 Crore Share Sale

Idea said it intends to use the funds to reduce debt including loans for airwave purchases

Mumbai: Wireless carrier Idea Cellular on Wednesday launched a share sale to institutional investors to raise up to Rs 3,500 crore ($546 million) ahead of its merger with Vodafone's Indian business.

Idea, part of the metals-to-financials Aditya Birla conglomerate, intends to use the funds to reduce debt including loans for airwave purchases, it said in a regulatory filing.

Last month, Idea announced plans to raise a total Rs 6,750 crore ahead of the proposed merger, which the two sides expect to close during the first half of this year.

Idea said that the share sale launched on Wednesday has a floor price of Rs 86.84 per share, with a potential discount of up to 5 per cent. The shares closed at Rs 84.80 on the National Stock Exchange.

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Bank of America Merrill Lynch and Citigroup are managing the sale.

($1 = Rs 64.0950)
© Thomson Reuters 2018


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