Idea Cellular drops post closure of QIP

Idea Cellular lost 0.34% to Rs 145.95 at 9:16 IST on BSE after the company said it has decided to close the QIP and approved the issuance of 22.38 crore equity shares at an issue price of Rs 134 per share to qualified institutional buyers.

The announcement was made before market hours today, 10 June 2014.

Meanwhile, the S&P BSE Sensex was down 39.20 points or 0.15% at 25,541.01.

On BSE, so far 1.07 lakh shares were traded in the counter as against average daily volume of 10.02 lakh shares in the past two weeks.

The stock hit a high of Rs 147.85 and a low of Rs 145.40 so far during the day.

Idea Cellular said that the Securities Allotment Committee of the board of directors of the company at its meeting held on Monday, 9 June 2014, decided to close the issue and approved the issuance of 22.38 crore equity shares of face value of Rs 10 each to qualified institutional buyers (QIBs) at an issue price of Rs 134 per equity share, including a premium of Rs 124 per equity share, aggregating to Rs 3000 crore. The issue price is at a discount of Rs 2.98 per share on floor price of Rs 136.98 per share. The issue had opened on 5 June 2014.

Idea Cellular's consolidated net profit surged 91.4% to Rs 589.77 crore on 15.7% growth in net sales to Rs 6974.72 crore in Q4 March 2014 over Q4 March 2013.

Idea Cellular is the third largest wireless operator in India. It is part of Aditya Birla Group.

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