Idea Cellular enters capital market with IPO

Chennai, Feb 07 (UNI) Idea Cellular Limited, an Aditya Birla Group company, leading in mobile operations in the country, today announced its entry into the capital market with an initial public issue (IPO), aggregating Rs 21,250 million of equity shares of Rs ten each.

Addressing a press conference here, Pradeep Srivatsava, Company Head said the shares would be available at a premium to be decided through 100 per cent book building process and the price band had been fixed between Rs 65 and Rs 75 per equity share.

Proceeds of the issue, which opens on February 12 and closes on February 15 would be utilised for network expansion in new circles, including Tamil Nadu, Mumbai circle roll out and NLD operations roll out.

Mr Srivatsava said the company, which has pumped in an investment of about Rs 2000 crore in the last nine months, was operating in 13 circles in the country, catering to 12.44 million mobile users. The company would soon enter Tamil Nadu circle, he added.

UNI