Idea Cellular allots Rs 32-bn shares on preferential basis to promoters

As a result, the aggregate shareholding of the promoter group in Idea Cellular has increased from 42.4% to 47.2%

Idea Cellular Limited, the third-largest wireless operator in India by subscriber base, on Monday completed the allotment of 326.6 million equity shares to the promoter Aditya Birla Group to raise Rs 32.50 billion. As a result of this preferential allotment, the aggregate shareholding of the promoter group in Idea Cellular has increased from 42.4 per cent to 47.2 per cent.

 
“Today (Idea) completed the allotment of 326,633,165 equity shares to the Aditya Birla Group entities, at an issue price of Rs 99.50 per share (including premium of Rs 89.50 per share) aggregating to Rs 3,250 crore (Rs 3.25 billion),” said