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Idea Cellular strengthens on plan to sell tower business to Axiata of Malaysia

04 Jun 2013 Evaluate

Idea Cellular is currently trading at Rs. 132.00, up by 2.00 points or 1.54% from its previous closing of Rs. 130.00 on the BSE.

The scrip opened at Rs. 130.90 and has touched a high and low of Rs. 132.90 and Rs. 130.90 respectively. So far 67305 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 138.20 on 28-May-2013 and a 52 week low of Rs. 72.05 on 09-Aug-2012.

Last one week high and low of the scrip stood at Rs. 138.20 and Rs. 128.15 respectively. The current market cap of the company is Rs. 43827.97 crore.

The promoters holding in the company stood at 45.88% while Institutions and Non-Institutions held 22.06% and 32.06% respectively.

Idea Cellular is in discussion with Axiata of Malaysia in order to sell its tower business to the Malaysian company. It is planning to raise funds for capital expenditure, license renewals, as well as purchase of spectrum from divestment of its 9,400 towers. For the present fiscal, Idea Cellular’s capital expenditure is Rs 3,500 crore.

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.

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