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Idea Cellular, the country’s third largest wireless services operator, said that it has opened a Qualified Institutional Placement (QIP) issue through which it would offer equity shares worth ₹3,000 crore.
“The securities allotment committee of the board of directors of the company, at its meeting held on Thursday, has decided to open a QIP issue by way of issue of equity shares aggregating up to ₹3,000 crore,” Idea Cellular said in a regulatory filing.
The Securities Allotment Committee of the Board of Directors added that the committee has fixed June 5, as the 'relevant date' and accordingly the floor price is ₹136.98 per equity share.
In February, the company agreed to pay about ₹10,400 crore for licences at a government auction.
Analysts said that Idea is augmenting its finances ahead of the next round of spectrum auctions later this year.
The company would be investing up to ₹3,500 crore by the current fiscal end, to build network and launch 3G services in Delhi by next year.
The Idea Cellular scrip was up by 0.4 per cent to close at ₹136.35 on the Bombay Stock Exchange today.
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