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Idea Cellular fixes Rs 82.50 per share to raise Rs 35-bn through QIP

Following the QIP, their stake in India's third-largest telecom operator will rise to 47.2 per cent from 42.4 per cent now

Press Trust of India  |  New Delhi 

Idea cellular

today said its capital raising committee has approved an issue price of Rs 82.50 per for sale of shares through a (QIP) to raise as much as Rs 35 billion.

"The capital raising committee of the company at its meeting on Wednesday approved the closure of the issue for the QIP," Idea said in a regulatory filing.

The committee "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 424.2 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

Birla TMT, Elaine Investments, -- the controlling shareholders of -- have recently invested Rs 32.5 billion to strengthen the company's balance sheet prior the planned merger with Vodafone

Following the QIP, their stake in India's third-largest telecom operator will rise to 47.2 per cent from 42.4 per cent now.

Last month, Idea had said that the proposed capital raising along with the sale of its standalone towers to as well as sale of the firm's 11.15 per cent stake in will augment long-term capital resources.

The fund raising would help the company fight intense competition being witnessed by the telecom sector following the entry of

First Published: Wed, February 21 2018. 13:14 IST