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Idea Cellular Ltd, India's third-largest mobile services operator, on Thursday unveiled a 67.5 billion-rupee ($1.1 billion) fundraising plan ahead of its merger with Vodafone's local unit.
The deal will increase Aditya Birla Group's stake in Idea to 47.2 per cent from 42.4 per cent currently.
Idea further intends to raise up to 35 billion rupees by selling shares, the company said in a statement, adding the options included a rights issue, preferential issue or a share sale to institutions. http://bit.ly/2COWRfs
The deal is expected to close this year.
Vodafone said in a filing on Thursday it expected the merger deal to be completed during the first half of this year.