Idea Cellular Limited announced that it expects to receive INR 32.5 billion in funding from Surya Kiran Investments Pte. Ltd., Birla TMT Holdings Private Limited, and other investors
Idea Cellular Limited (NSEI:IDEA) announced a private placement of 326,633,165 common shares at a price of INR 99.5 per share for the gross proceeds of INR 32,499,999,918 on January 4, 2018. The transaction will include participation from existing investor Birla TMT Holdings Private Limited and might include investment from Oriana Investments Pte. Ltd., Elaine Investments Pte. Ltd., and Surya Kiran Investments Pte. Ltd., The transaction is subject to approval from shareholders of the company to be obtained at the extraordinary general meeting to be held on January 30, 2018. The transaction has been approved by the board of directors of the company.