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Idea unveils Rs 67-bn fundraising plan ahead of Vodafone merger deal

As part of the plan, Idea will raise 32.5 billion rupees by selling 326.6 million shares

Reuters 

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. As part of the plan, Idea will raise 32.5 billion rupees by selling 326.6 million shares on a preferential basis to companies controlled by its parent Aditya Birla Group at 99.5 rupees apiece. 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 ...

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First Published: Thu, January 04 2018. 16:35 IST
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