Idea Cellular inches up on share-sale buzz

Idea Cellular rose 0.59% to Rs 136.60 at 9:18 IST on BSE on reports the mobile phone operator plans to launch a share sale to raise as much as $500 million on Thursday to part fund its capital expenditure including a purchase of mobile radiowaves.

Meanwhile, the S&P BSE Sensex was down 4.05 points or 0.02% at 24,801.78.

On BSE, so far 32,000 shares were traded in the counter as against average daily volume of 15.82 lakh shares in the past two weeks.

The stock hit a high of Rs 137.05 and a low of Rs 136.10 so far during the day.

The share sale is expected to be launched after local market hours on Thursday, reports added.

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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