New Delhi, Feb 24: Telecom service provider Idea Cellular has announced the successful conclusion of its institution's placement by raising a sum of Rs. 3,500 crore.
The organisation released and allocated approximately 42.42 crore equity shares of face value of Rs. 10 each to able institutional buyers, at an issue cost of Rs. 82.50 per equity stake aggregating to about Rs. 3,500 crores.
This equity increase with a recent infusion of Rs. 3,250 crore by Idea's Promoter / Promoter Group will decrease Idea's net-debt by about Rs. 6,750 crore.
Besides, the firm declared the sale of Idea's and Vodafone India's standalone towers to ATC Telecom Infrastructure Private Limited, which is a subsidiary of American Tower Corporation for an aggregate enterprise value of Rs. 7,850 crore. Idea also maintains to assess diplomatic options to monetise its 11.5 percent stake in Indus Towers. This would reinforce the economic status of the merged entity.
The issue saw enthusiasm from a worldwide financial specialist base, and distribution was around 56 percent and 44 percent to Indian and remote speculators separately.
DSP Merrill Lynch Limited and Citigroup Global Markets India Private Limited went about as worldwide facilitators and book running lead administrators to the issue, while Luthra and Luthra Law Offices went about as the legitimate counsel to the organization as to Indian law, and Trilegal and Sidley Austin LLP went about as lawful counselors to the lead supervisors as to Indian law and US law, individually.