Idea share sale of up to $506 million subscribed nearly three times - sources
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)
- Tweet this
- Share this
- Digg this
Trending On Reuters
Data released on Friday showing a slowdown in India's economy will put the Reserve Bank under renewed pressure to cut interest rates, while Prime Minister Narendra Modi takes his time over reforms needed for a revival. Full Article