Shareholders in India’s Idea Cellular (BSE:IDEA) have approved an issue of non-convertible securities in a private placement worth up to Rs100bn (US$1.52bn).
Shareholders in India’s Idea Cellular (BSE:IDEA) have approved an issue of non-convertible securities in a private placement worth up to Rs100bn (US$1.52bn).
The issue may include non-convertible debentures, either secured or unsecured, in one or more tranches within a year of the AGM, held last Friday.
Idea, the country’s third largest mobile operator, has also extended Himanshu Kapania’s (pictured) term as managing director for another five years from 1 April 2016.
Kapanaia served as Idea’s chief operating officer before being appointed MD in 2011. He is also on the board of GSMA and previously served as chairman of the Cellular Operators Association of India (COAI).
Idea has a market capitalisation of Rs537.56bn (US$8.19bn).
In May, local media reported that Idea had put its 11,000 towers on the block for US$1.2bn. Interested parties reportedly included independent towercos Axiata, Bharti Infratel and American Tower.
The Mumbai-based company is just one of India’s towercos looking to sell towers following March’s record-breaking spectrum auction.
Idea’s leading shareholders are conglomerate Aditya Birla Nuvo (42.26%), Axiata Group Berhad (19.79%) and private equity firm Providence (6.81%).
The company claimed to have some 166 million subscribers as of 30 June 2015.