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Jan 29 2007 12:00AM
Idea Cellular fixes Rs 65 - Rs 75 price-band
IPO opens on 12 February, closes on 15 February Idea Cellular set a Rs 65 - Rs 75 per share price-band for its IPO,which aims to raise up to Rs 2444 crore. The IPO includes a green-shoe option worth not more than Rs 319 crore and will open on 12 February 2007. The public offer will close on 15 February 2007. Funds raised will be used to begin services in Mumbai, and to expand to more regions. Idea, which has more than 10 million subscribers, reported earnings of Rs 0.69 per share for the year ended March 2006. Idea, controlled by the diversified Aditya Birla group, also raised Rs 375 crore from a pre-IPO made to promoters, directors and high networth individuals, at the top end of the price-band. Aditya Birla Nuvo, the largest shareholder in Idea with a 35.7% stake, bought shares worth Rs 225 crore. |
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