Idea Cellular rings loud on plan to raise Rs 3,750 crore via QIP issue

Idea Cellular is currently trading at Rs. 136.50, up by 0.70 points or 0.52% from its previous closing of Rs. 135.80 on the BSE. The scrip opened at Rs. 136.50 and has touched a high and low of Rs. 137.70 and Rs. 135.50 respectively. So far 360029 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 188.35 on 15-Oct-2013 and a 52 week low of Rs. 124.40 on 10-Jun-2013. Last one week high and low of the scrip stood at Rs. 142.40 and Rs. 132.55 respectively. The current market cap of the company is Rs. 45484.88 crore. The promoters holding in the company stood at 45.81% while Institutions and Non-Institutions held 21.92% and 32.27% respectively. In a bid to beef up finances ahead of what could be another bruising round of spectrum auctions later this year, Idea Cellular is all set to raise Rs 3,750 crore by selling its shares to institutions for Rs 135 to Rs 140 apiece. Moreover, the company had been conducting road-shows overseas in places such as Kuala Lumpur and Singapore to gauge investor interest. It has appointed Bank of America Merrill Lynch, Morgan Stanley, JP Morgan, Citi Bank and Axis Capital to manage the issue. The company’s board approved a plan in August 2013 to issue shares to raise Rs 3,000 crore through a QIP. The board had also cleared a preferential issue of shares worth Rs 750 crore to Malaysia's Axiata Group Berhad. Idea Cellular, an AV Birla group company, provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level, it is present in all 22 telecom circles.