Idea Cellular raises Rs 3,500 cr via QIP

New Delhi: Mobile operator Idea Cellular on Friday said it has successfully closed a Qualified Institutions Placement (QIP) to raise Rs 3,500 crore. The company has issued and allotted about 42.42 crore equity shares to qualified institutional buyers at an issue price of Rs 82.50 per equity share (including a premium of Rs 72.50 a share), amounting to about Rs 3,500 crore. “The issue witnessed interest from a global investor base. The issue allocation is approximately 56 per cent and 44 per cent to Indian and foreign investors respectively,” the company said in a statement here. DSP Merrill Lynch and Citigroup Global Markets India acted as global co-ordinators and book running lead managers to the issue, the statement added. “This equity raise of Rs 3,500 crore along with recent infusion of Rs 3,250 crore by Idea’s promoter/ promoter group will reduce Idea’s net-debt by approximately Rs 6,750 crore,” it added. PTI