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Idea Cellular approves capital increase ahead of Vodafone merger
2018-01-04 10:03:00| Telecompaper Headlines
(Telecompaper) Indian operator Idea Cellular has approved plans to raise up to INR 67.5 billion in the sale of new shares, in order to strengthen its capital position ahead of completing its planned merger with Vodafone India. The company will sell INR 32.5 billion in shares to its controlling shareholder the Aditya Birla Group at a small discount of INR 99.5 per share, and sell the remaining shares to institutional investors or through a rights issue. The plans mean ABG will receive a slightly higher stake in the merged group with Vodafone.
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Category:Telecommunications