Telecom giant Idea Cellular raised Rs 3250 crore through the allocation of 32.66 crore shares to the Aditya Birla Group on Monday.
According to a statement issued by Idea Cellular, equity shares have been allocated at a par value of Rs 99.50 per share, which includes a premium of Rs 89.50 per share, which was a total of Rs 3,250 crore.
The company said that with this ‘preferential allocation’ the share of promoter group (Aditya Birla Group) will increase from 42.4 percent to 47.2 percent.
A statement quoted by Kumar Mangalam Birla, Chairman of Aditya Birla Group, “Investments of shares repeats confidence in the group’s telecommunications business and its prospects for growth.”
He said, “Idea is in the process of bringing a world-class 4G network in villages, cities, and metros across the country, which will contribute to the change in the digital lifestyle of the Indian people.”
Birla said, “In the recent announcement of the sale of Idea’s towers and the potential monetization of shares, the company will be better capitalized to take advantage of the opportunities in this sector due to the increase in the planned funds.”