Idea Cellular has successfully closed a Qualified Institutions Placement (QIP) to raise Rs 3,500 crore. The company has issued and allotted about 42.42 crore equity shares to qualified institutional buyers at an issue price of Rs 82.50 per equity share (including a premium of Rs 72.50 a share), amounting to about Rs 3,500 crore.
DSP Merrill Lynch and Citigroup Global Markets India acted as global co-ordinators and book running lead managers to the issue.
This equity raise of Rs 3,500 crore along with recent infusion of Rs 3,250 crore by the company's promoter/ promoter group will reduce Idea's net-debt by approximately Rs 6,750 crore.
Idea Cellular is an AV Birla group company and provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level.