Idea Cellular board approves equity issue of up to Rs 35-bn through QIP

Telecom major Idea Cellular today said its Board has accorded final approval for issuing equity shares for up to Rs 3,500 crore through Qualified Institution Placement (QIP) route.

"The Board of Directors at its meeting today has accorded final approval for issuance of equity shares for an amount not exceeding Rs 3,500 crore by way of QIP to the eligible investors...," Idea Cellular said in a BSE filing.

The Board has authorised the Committee of Directors to decide on the timing, pricing and exact quantum of equity shares to be issued, it added.

In January, the Board granted in-principle approval for the issuance and had formed a committee to evaluate and recommend to the Board the possible routes like rights issue, QIP or preferential issue.

The shareholders had also granted approval for the issuance at a meeting on January 30, 2018.

The company's stock was trading at Rs 85.45, up 0.89 per cent on BSE.