|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||51.70 - 53.20|
|52-week range||51.70 - 118.00|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
Indian wireless carrier Idea Cellular (IDEA.NS) on Wednesday launched a share sale to institutional investors to raise up to 35 billion rupees ($546 million) ahead of its merger with Vodafone's (VOD.L) Indian business. Idea, part of the metals-to-financials Aditya Birla conglomerate, intends to use the funds to reduce debt including loans for airwave purchases, it said in a regulatory filing. Bank of America Merrill Lynch and Citigroup are managing the sale.
As part of the plan, Idea will raise 32.5 billion rupees by selling 326.6 million shares on a preferential basis to companies controlled by its parent Aditya Birla Group at 99.5 rupees apiece. The deal will increase Aditya Birla Group's stake in Idea to 47.2 percent from 42.4 percent currently. Idea further intends to raise up to 35 billion rupees by selling shares, the company said in a statement, adding the options included a rights issue, preferential issue or a share sale to institutions.
India's antitrust regulator has approved the merger of Vodafone Group Plc (NasdaqGS: VOD - news) 's Indian unit with Idea Cellular (BSE: 532822.BO - news) , a lawyer representing Vodafone in the matter said on Monday. In March, Vodafone India and Idea agreed to merge operations in a $23 billion deal, creating the country's biggest telecom player after the entry of new entrant Reliance Jio sparked a price war. The deal has been pending Competition Commission of India (CCI) approval, along with other regulatory clearances.
Mukesh Ambani told Reliance shareholders at their annual general meeting the free JioPhone would be available in September. Ambani sent tremors through the sector when he launched his Jio telecoms venture ...