Idea prices issue to institutional investors at Rs 134 a share

The Financial Express
11 June 2014

Idea Cellular today said it priced its offering of 22.38 crore shares to institutional investors at Rs 134 each, raising Rs 3,000 crore.

The securities allotment committee of the board of directors of Idea Cellular, at a meeting yesterday, approved a discount of Rs 2.98 a share on the floor price of Rs 136.98 for the issue, the company said in a filing to the BSE.

The offer, which opened on June 5, has been declared closed, according to the filing.

"In respect of the issue, the committee be and is hereby authorised to issue 22,38,80,597 equity shares at a price of Rs 134 per equity share (including a premium of Rs 124 per equity share) for an amount aggregating to Rs 30,000 million," the filing added.

— PTI