Idea Cellular jumps after shareholders' nod for fund raising

Idea Cellular surged 5.17% to Rs 146.50 at 12:27 IST on BSE after the company's shareholders approved raising of up to Rs 10000 crore through issue of non-convertible securities on private placement basis.

Meanwhile, the S&P BSE Sensex was up 203.17 points or 0.79% at 25,981.83.

On BSE, so far 3.38 lakh shares were traded in the counter as against average daily volume of 3.60 lakh shares in the past one quarter.

The stock hit a high of Rs 147.15 and a low of Rs 140 so far during the day. The stock had hit a 52-week low of Rs 137.25 yesterday, 29 September 2015. The stock had hit a record high of Rs 203.90 on 17 April 2015.

The stock had underperformed the market over the past one month till 29 September 2015, sliding 9.4% compared with Sensex's 2.33% fall. The scrip had also underperformed the market in past one quarter, declining 17.74% as against Sensex's 6.75% fall.

The large-cap telecom company has equity capital of Rs 3599.36 crore. Face value per share is Rs 10.

Idea Cellular's shareholders at its Annual General Meeting (AGM) held on 28 September 2015, approved a special resolution to raise up to Rs 10000 crore through issue of non-convertible securities on private placement basis in one or more tranches. The company announced the voting results of AGM during market hours yesterday, 29 September 2015. The stock had fallen 2.35% to settle at Rs 139.30 yesterday, 29 September 2015.

On consolidated basis, Idea Cellular's net profit rose 27.8% to Rs 930.83 crore on 16.4% growth in net sales to Rs 8794.71 crore in Q1 June 2015 over Q1 June 2014.

Idea Cellular is one of the leading telecom operators in India. It is part of Aditya Birla Group.

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