Idea Cellular successfully raises Rs 3,000 crore through QIP

Idea Cellular, the third largest Indian telecom wireless operator, has successfully closed its Qualified Institutions Placement (QIP) and has issued and allotted 22.39 crore equity shares of face value of Rs 10 each to qualified institutional buyers, at an issue price of Rs 134 per equity share including a premium of Rs 124 per equity share, aggregating to approximately Rs 3,000 crore. The issue witnessed strong interest from both foreign and Indian investors. The overall allocation to foreign investors is approximately 62% of the Issue and to domestic investors is approximately 38% of the issue, resulting in diversified representation from a high quality global investor base. DSP Merrill Lynch, Citigroup Global Markets India, Morgan Stanley India Company and Standard Chartered Securities (India) acted as Global coordinators and Book Running Lead Managers, and Axis Capital acted as Book Running Lead Manager to the Issue. Further, the company is proposing to undertake a private placement of 5.18 crore equity shares at Rs 144.68 per equity share aggregating to Rs 750 crore to a subsidiary of Axiata Group Berhad of Malayasia, an existing key shareholder of company, subject to shareholders’ and other necessary approvals.