Idea Cellular share sale of up to $506 mn subscribed nearly 3 times

Reuters Posted online: Friday, Jun 06, 2014 at 0000 hrs
Mumbai : Indian telecommunications company Idea Cellular Ltd's 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. At 2.45 pm, Idea shares were trading 2.64 percent higher at Rs 139.95.