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Idea Cellular to raise Rs 32 bn from promoter group entities

Idea also has plans to launch its VoLTE (Voice over 4G network) services in 2018

Press Trust of India  |  New Delhi 

Idea

The board on Thursday approved raising about Rs 32.50 billion from the entities under the by issuing 326.6 million on a preferential basis.

Board forms a panel to evaluate potential routes for raising further capital of up to Rs 35 billion.

"The Board of Directors of Limited (Idea), today approved issuance of about 326.6 million equity shares, face value of Rs 10 per share, at a price of Rs 99.50 per share (in accordance with ICDR Regulations) on preferential basis," the statement said.

The will be issued to entities under — Birla TMT Holdings Private Limited, Elaine Pte Ltd (Singapore), Oriana Pte Ltd (Singapore), Surya Kiran 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 group in Idea will increase to about 47.2 per cent from existing level of around 42.4 per cent.

"The remains committed towards the telecom The group is in the process of creating a ..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," said.

Idea will further explore potential ways of raising additional fund to the tune of around Rs 35 billion which would include further preferential issue, qualified institutional placement (QIP), rights issue etc.

Idea will also explore potential monetisation of company's 11.15 per cent stake in — its joint venture with and

During the first nine months of the financial year 2017- 18, Idea has added over 33,500 sites and currently it has about 143,500 sites, as per the statement.

Idea also has plans to launch its (Voice over 4G network) services in 2018.

First Published: Thu, January 04 2018. 16:09 IST
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