Idea Cellular shares continue gain on 2nd day, rise nearly 14%
New Delhi: Shares of Idea Cellular Ltd rallied for a second day, soaring nearly 14% today after the company unveiled a plan to raise up to Rs6,750 crore ahead of its merger with Vodafone India.
The stock, after a positive opening, jumped 12.91% to Rs118 on BSE. At NSE, shares of the company climbed 13.72% to Rs118.90.
Idea Cellular on Thursday unveiled a plan to raise up to Rs6,750 crore which will alter the shareholding pattern of the company and have a bearing on its merger agreement with Vodafone India.
The board of Idea Cellular approved raising about Rs3,250 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 Rs3,500 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% of the merged entity from Vodafone for Rs1,960 crore.