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Idea Cellular shares continue to gain; up nearly 14 pc

PTI
Published : Jan 5, 2018, 12:36 pm IST
Updated : Jan 5, 2018, 12:39 pm IST

Idea unveiled a plan to raise up to Rs 6,750 cr which will alter shareholding pattern of company.

Board of Idea Cellular approved raising about Rs 3,250 cr from entities under promoter Aditya Birla Group.
 Board of Idea Cellular approved raising about Rs 3,250 cr from entities under promoter Aditya Birla Group.

New Delhi: Shares of Idea Cellular rallied for a second day, soaring nearly 14 per cent on Friday after the company unveiled a plan to raise up to Rs 6,750 crore ahead of its merger with Vodafone.

The stock after a positive opening jumped 12.91 per cent to Rs 118 on BSE. At NSE, shares of the company climbed 13.72 per cent to Rs 118.90. Idea Cellular on Thursday unveiled a plan to raise up to Rs 6,750 crore which will alter the shareholding pattern of the company and have a bearing on its merger agreement with Vodafone.

The board of Idea Cellular approved raising about Rs 3,250 crore from entities under the promoter Aditya Birla Group (ABG) and constituted a committee to evaluate potential routes for raising further capital of up to Rs 3,500 crore.

In a separate statement, Vodafone Group said that as a consequence of the change in shareholding in Idea following the capital raise, the two parties have agreed that ABG will buy a minimum of 2.5 per cent of the merged entity from Vodafone for Rs 1,960 crore.   

Tags: idea cellular, shares, revenue, vodafone, merger, aditya birla group
Location: India, Delhi, New Delhi