Idea fixes Rs 82.50/share to raise Rs 35 bn via QIP

Idea Cellular on Wednesday said its capital raising committee had approved an issue price of Rs 82.50 per share for sale of shares through a qualified institutional placement (QIP) to raise as much as Rs 35 billion. 

“The capital raising committee of the firm at its meeting on Wednesday approved the closure of the issue for the QIP,” Idea said. 

The panel “determined and approved the issue price of Rs 82.50 per equity shares (including a premium of Rs 72.50 per equity share) for issuance of 424 million equity shares, aggregating to Rs 35 billion, to the eligible qualified institutional buyers in the QIP,” the filing said. The panel also approved and adopted the placement document in connection with the QIP.