Idea Cellular is planning to mop up Rs 750 crore by issuing equity shares on preferential basis to its shareholder, Malaysia-based Axiata. In this regard, the securities allotment committee of the board, at its meeting on June 10, has approved issuance of 5.18 crore shares at a price of Rs 144.68 per equity share to Axiata Investments 2 (India). Moreover, the company will convene an extra-ordinary general meeting on July 10, for approval of the aforesaid preferential issue.
It is raising funds for spectrum auctions later this year. Nine circles in which Idea Cellular holds spectrum in the premium 900 MHz band are coming up for renewal between December 2015 and April 2016.
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.
