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Business EconomyPosted at: Feb 24 2018 1:52PM


Idea Cellular raises Rs 3,500 crore through QIP placement

Mumbai, Feb 24 (UNI) Idea Cellular a AV Birla group company and
provides Global System for Mobile communications (GSM)-based
wireless service at the pan-India level said that company has
successfully closed a Qualified Institutions Placement (QIP) to
raise Rs 3,500 crore.
The company has issued and allotted about 42.42 crore equity shares
to qualified institutional buyers at an issue price of Rs 82.50 per
equity share (including a premium of Rs 72.50 a share), amounting to
about Rs 3,500 crore.
DSP Merrill Lynch and Citigroup Global Markets India acted as global
co-ordinators and book running lead managers to the issue.
This equity raise of Rs 3,500 crore along with recent infusion of
Rs 3,250 crore by the company's promoter/ promoter group will reduce
Idea's net-debt by approximately Rs 6,750 crore.
UNI JS AW1330
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Tags: #Idea Cellular raises Rs 3#500 crore through QIP placement
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