Idea Cellular shares continue to gain; up nearly 11%

Shares of Idea Cellular rallied for a second day, surging nearly 11 per cent today after the company unveiled a plan to raise up to Rs 6,750 crore ahead of its merger with Vodafone.
The stock settled the day 10.67 per cent higher at Rs 115.65 on BSE. During the day, it jumped 12.91 per cent to Rs 118.
At NSE, shares of the company rallied 10.76 per cent to end at Rs 115.80.
In terms of equity volume, 69.38 lakh shares of the company were traded on BSE and over 7 crore shares changed hands at NSE during the day.

The stock had gained nearly 2 per cent in the previous trading session also.
Idea Cellular yesterday unveiled a plan to raise up to Rs 6,750 crore which will alter the shareholding pattern of the company and have a bearing on its merger agreement with Vodafone.
The board of Idea Cellular approved raising about Rs 3,250 crore from entities under the promoter Aditya Birla Group (ABG) and constituted a committee to evaluate potential routes for raising further capital of up to Rs 3,500 crore.
In a separate statement, Vodafone Group said that as a consequence of the change in shareholding in Idea following the capital raise, the two parties have agreed that ABG will buy a minimum of 2.5 per cent of the merged entity from Vodafone for Rs 1,960 crore.