Idea Cellular plans to raise Rs 67.5 billion before Vodafone merger

With Idea Cellular reporting increased losses after a merger with Vodafone’s Indian subsidiary was announced in March last year, the Aditya Birla (AB) group announced a two-part plan to raise Rs 67.5 billion. The fund infusion is necessary as it will enable both firms to go ahead with the mega merger, scheduled to close by the middle of this year. 

In the first part, the AB group will invest Rs 32.5 billion in its telecom arm by way of a preferential allotment of shares at Rs 99.5 a share. Additionally, it has formed a committee that would evaluate the best option,