Idea Cellular Raises Rs. 3000 Crores through QIP of 22.39 crore shares

Idea Cellular Limited has announced the successful closure of its qualified institutions placement and has issued and allotted 22.39 crore equity shares of face value of Rs. 10 each (the "Equity Shares") to qualified institutional buyers, at an issue price of Rs. 134 per Equity Share (including a premium of Rs. 124 per Equity Share), aggregating to approximately Rs.3,000 crores (the "Issue").The Issue witnessed strong interest from both foreign and Indian investors.

The overall allocation to foreign investors is approximately 62% of the Issue and to domestic investors is approximately 38% of the Issue, resulting in diversified representation from a high quality global investor base.

DSP Merrill Lynch Limited, Citigroup Global Markets India Private Limited, Morgan Stanley India Company Private Limited and Standard Chartered Securities (India) Limited acted as Global Co-ordinators and Book Running Lead Managers, and Axis Capital Limited acted as Book Running Lead Manager to the Issue (collectively, the "Lead Managers").Amarchand & Mangaldas & Suresh A. Shroff & Coacted as the legal advisor to the Company as to Indian law, and AZB & Partners and Jones Day acted as legal advisors to theLead Managers as to Indian law and US law, respectively. Deloitte Haskins & Sells LLP, Chartered Accountants, are the statutory auditors to the Company.

The Company is proposing to undertake a private placement of 5.18 crore equity shares at Rs. 144.68 per equity share aggregating to Rs. 750 crores to a subsidiary of Axiata Group Berhad of Malayasia, an existing key shareholder of company, subject to shareholders' and other necessary approvals.

Shares of IDEA CELLULAR LTD. was last trading in BSE at Rs.141.2 as compared to the previous close of Rs. 143.6. The total number of shares traded during the day was 351484 in over 5825 trades.

The stock hit an intraday high of Rs. 143.9 and intraday low of 140.65. The net turnover during the day was Rs. 49907636.

Source : Equity Bulls

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