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Idea Cellular has received board approval for fundraising proposal. The total capital to be injected is Rs.3,250 crore.
The company in its filing stated, “…approved issuance of around 32.66 crore equity shares at a price of Rs.99.50 per share on preferential basis to the promoter group entities.” The promoter group entities are Birla TMT Holdings Private Limited, Elaine Investments Pte (Singapore), Oriana Investments Pte (Singapore) and Surya Kiran Investments Pte (Singapore).
This issue is subject to approval from shareholders and other regulatory authorities. It is further estimated that the company will complete this issue by early February 2018.
Furthermore, post issue the shareholding of the promoter group will increase to approx 47.2% from current 42.4%.
