Indian operator Idea Cellular is reported to be preparing a qualified institutional placement to go to market tomorrow, after the local bourse closes, which could raise as much as US$500m.
Idea is raising the cash to fund its capital expenditure, in…
Indian operator Idea Cellular is reported to be preparing a qualified institutional placement to go to market tomorrow, after the local bourse closes, which could raise as much as US$500m.
Idea is raising the cash to fund its capital expenditure, in particular its expected costly renewal of 900 MHz spectrum licences later this year, according to local reports.
Idea’s billionaire owner Kumar Mangalam Birla is said to have mandated BofA Merrill Lynch, Morgan Stanley, JP Morgan, Citigroup and Axis Capital to run the offering, and held road shows in Malaysia and Singapore, one report said.
Idea is the fourth-largest mobile operator in India’s 12 player market and paid US$1.7bn for 900 MHz and 1,800 MHz spectrum in February.
Listed in India, Idea currently has a market cap of US$7.5bn.
