Idea gets approval to raise Rs 10,000 cr

Idea Cellular has said its shareholders have approved to raise up to Rs 10,000 crore through issue of non-convertible securities on private placement basis in one or more tranches.

The company, which held its 20th Annual General Meeting (AGM) yesterday, said all the items of business contained in the notice for AGM have been approved by the shareholders.

The country's third largest mobile operator in a filing to BSE said special resolution to issue non-convertible securities on private placement basis up to an amount of Rs 10,000 crore has been approved.

The company also approved reappointment of Himanshu Kapania as Managing Director for another five years from April 1, 2016.

The company's shareholders also approved other ordinary businesses like declaring dividend and appointment of director, among others.

Shares of Idea Cellular closed at Rs 139.30 apiece, down 2.35 per cent on BSE.