Idea Cellular’s QIP issue to raise $506 million, launched on Thursday, has reportedly been oversubscribed as demand of nearly three times the number of shares on offer has been received. Idea had set an indicative price band of Rs 131-136.35 for the sale.
The company for raising $506 million had been conducting road-shows overseas in places such as Kuala Lumpur and Singapore to gauge investor interest. It has appointed Bank of America Merrill Lynch, Morgan Stanley, JP Morgan, Citi Bank and Axis Capital to manage the issue.
Idea Cellular, an AV Birla group company, provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level, it is present in all 22 telecom circles.
