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.

Representational image. Reuters.

Representational image. Reuters.

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.

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Updated Date: Jan 05, 2018 14:36:25 IST

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