Indian mobile operator Idea Cellular has launched a share sale to qualified institutional buyers to raise a maximum Rs30bn (US$507.6m).
The floor price has been set at Rs136.98 (US$2.32) per share, the company said in a stock exchange…
Indian mobile operator Idea Cellular has launched a share sale to qualified institutional buyers to raise a maximum Rs30bn (US$507.6m).
The floor price has been set at Rs136.98 (US$2.32) per share, the company said in a stock exchange announcement.
Proceeds will reportedly go towards buying frequencies in the country’s next spectrum auction.
Idea, owned by billionaire owner Kumar Mangalam Birla, has mandated BofA Merrill Lynch, Morgan Stanley, JP Morgan, Citigroup and Axis Capital to run the offering, and held road shows in Malaysia and Singapore, according to one report.
In February, Idea paid US$1.7bn for 900 MHz and 1,800 MHz spectrum.
The company, which is partly owned by Malaysia’s Axiata, is the third-largest mobile operator in India’s 13 player market and currently has a market cap of US$7.6bn.
