Our Bureau

New Delhi, Dec. 6

Aditya Birla Group Company Idea Cellular has approached market regulator SEBI for clearance of an initial public offering, hoping to mop up an estimated Rs 2,500 crore. The company is likely to offload about 10 per cent equity through the IPO and has the option to retain up to 15 per cent surplus through the green shoe option.

The issue proceeds will be utilised in expanding services in new circles, national long distance operations, launch of its cellular services in Mumbai, redemption of preference shares and general corporate purposes, said a company official. Idea Cellular is planning to list the shares at both the BSE and NSE. While Citigroup Global and UBS Securities are the senior co-book running lead managers, JM Morgan Stanley and DSP Merrill Lynch are the lead managers.

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(This article was published in the Business Line print edition dated December 7, 2006)
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