Idea Cellular Limited Opens QIP Issue of Equity Shares

The Securities Allotment Committee of the Board of Directors of Idea Cellular Ltd, at its meeting held on June 05, 2014, has decided to open a QIP issue by way of issue of Equity Shares aggregating upto Rs. 3,000 Crore, in accordance with the provisions of Chapter VIII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended ("SEBI ICDR Regulations") and section 42 of the Companies Act, 2013 and the rules made thereunder. The said issue is being carried out in accordance with the resolution passed by the shareholders of the Company at the Annual General Meeting held on September 16, 2013.

Further, in terms at Regulations 81(c) of Chapter VIII of the SEBI ICDR Regulations the Committee has fixed June 05, 2014 as the 'Relevant Date' and accordingly the floor price is Rs. 136.98 per Equity Share as per the pricing formula under Regulation 85 of Chapter VIII of the SEBI ICDR Regulations, 2009.

Shares of IDEA CELLULAR LTD. was last trading in BSE at Rs.136.35 as compared to the previous close of Rs. 135.8. The total number of shares traded during the day was 885691 in over 7878 trades.

The stock hit an intraday high of Rs. 137.7 and intraday low of 135.5. The net turnover during the day was Rs. 121113968.

Source : Equity Bulls

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