Idea Cellular on Thursday announced plans to raise Rs 6,750 crore, ahead of its proposed merger with Vodafone India. The Board of Idea Cellular approved raising about Rs 3,250 crore from the entities under the promoter Aditya Birla Group by issuing 32.66 crore equity shares on a preferential basis. It has also formed a panel to evaluate potential routes for raising further capital of up to Rs 3,500 crore. "The Board of Directors of Idea Cellular Ltd (Idea), today approved issuance of about 326.6 million equity shares, face value of Rs 10 per share, at a price of Rs 99.50 per share (in accordance with SEBI ICDR Regulations) on preferential basis," Idea Cellular said in a statement on Thursday. Mayuresh Joshi from Angel Broking said, "The fund-raising plan will definitely aid Idea Cellular in terms of deal apprising in their balance-sheet.

Source: dna January 04, 2018 23:26 UTC