Telecom major Idea Cellular today said its Board has accorded final approval for issuing equity shares for up to Rs 3,500 crore through Qualified Institution Placement (QIP) route. Also Read - Reliance Jio tops 4G download speed in January while Vodafone leads in upload speed: TRAI
“The Board of Directors at its meeting today has accorded final approval for issuance of equity shares for an amount not exceeding Rs 3,500 crore by way of QIP to the eligible investors…,” Idea Cellular said in a BSE filing. Also Read - Vodafone might exit Indian market over high taxes and recent court ruling
The Board has authorised the Committee of Directors to decide on the timing, pricing and exact quantum of equity shares to be issued, it added. Also Read - Vodafone drops free Amazon Prime membership with Rs 399 postpaid plan: A look at alternatives
In January, the Board granted in-principle approval for the issuance and had formed a committee to evaluate and recommend to the Board the possible routes like rights issue, QIP or preferential issue.
The shareholders had also granted approval for the issuance at a meeting on January 30, 2018.
The company’s stock was trading at Rs 85.45, up 0.89 percent on BSE.
This is published unedited from the PTI feed.