Idea share sale of up to $506 million subscribed nearly three times - sources

MUMBAI Fri Jun 6, 2014 5:59pm IST

A man speaks on his mobile phone as he sits in front of a shop displaying the Idea Cellular Ltd's logo on its shutter in Mumbai April 28, 2014. REUTERS/Danish Siddiqui/Files

A man speaks on his mobile phone as he sits in front of a shop displaying the Idea Cellular Ltd's logo on its shutter in Mumbai April 28, 2014.

Credit: Reuters/Danish Siddiqui/Files

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MUMBAI (Reuters) - Telecommunications company Idea Cellular Ltd's (IDEA.NS) up to $506 million share sale to institutional investors, launched on Thursday, received a demand of nearly three times the number of shares on offer, people directly involved with the deal said on Friday.

The issue would be priced at 134 rupees per share, the sources said, declining to be named as the information is not public. Idea had set an indicative price band of 131-136.35 rupees for the sale, according to a termsheet seen by Reuters.

An Idea Cellular spokeswoman declined comment. The stock closed 3.3 percent higher at 140.80 rupees.

($1 = 59.3100 rupees)

(Reporting by Sumeet Chatterjee; Editing by Prateek Chatterjee)

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