Shares of Idea Cellular rose by nearly 2 per cent today after the company's board approved raising about Rs 3,250 crore from the entities under the promoter Aditya Birla Group.
The stock went up by 1.90 per cent to end at Rs 104.50 on BSE. During the day, it gained 2.97 per cent to Rs 105.60.
On NSE, shares of the company rose by 1.80 per cent to close at Rs 104.55.
In terms of equity volume, 10.98 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.
The Idea Cellular board today approved raising about Rs 3,250 crore from the entities under the promoter Aditya Birla Group by issuing 32.66 crore equity shares on a preferential basis.
Idea Cellular Board has formed a panel to evaluate potential routes for raising further capital of up to Rs 3,500 crore.
"The Board of Directors of Idea Cellular Limited (Idea), today approved issuance of about 326.6 million equity shares, face value of Rs 10 per share, at a price of Rs 99.50 per share (in accordance with SEBI ICDR Regulations) on preferential basis," a company statement said.
"The Aditya Birla Group remains committed towards the telecom business. The group is in the process of creating a large digital infrastructure...At a time when the telecom industry is going through a challenging environment, this equity infusion by the Group in Idea is another step towards reinforcing the group's commitment," Idea Cellular Chairman Kumar Mangalam Birla said.
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