Business News
Idea Cellular shares continue to gain; up nearly 14% on fund raising announcement
New Delhi: Shares of Idea Cellular rallied for a second day, soaring nearly 14 percent on Friday after the company unveiled a plan to raise up to Rs 6,750 crore ahead of its merger with Vodafone.
The stock after a positive opening jumped 12.91 percent to Rs 118 on BSE.
At NSE, shares of the company climbed 13.72 percent to Rs 118.90.
Idea Cellular on Thursday unveiled a plan to raise up to Rs 6,750 crore which will alter the shareholding pattern of the company and have a bearing on its merger agreement with Vodafone.
The board of Idea Cellular approved raising about Rs 3,250 crore from entities under the promoter Aditya Birla Group (ABG) and constituted a committee to evaluate potential routes for raising further capital of up to Rs 3,500 crore.
In a separate statement, Vodafone Group said that as a consequence of the change in shareholding in Idea following the capital raise, the two parties have agreed that ABG will buy a minimum of 2.5 percent of the merged entity from Vodafone for Rs 1,960 crore.
