Equity Alert: Idea up 4% on $640 mln pvt equity investment in arm
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K.Karthik Raja
May 23, 2008, 2:12:03 AM5/23/08
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Equity Alert: Idea up 4% on $640 mln pvt equity investment in arm
Equity Alert: Idea up 4% on $640 mln pvt equity investment in arm
MUMBAI--11:30AM--Shares of Idea Cellular were up 4% at 112 rupees
after
the company Thursday said it had raised $640 mln (27.40 bln rupees)
from
US-based fund Providence Equity Partners via compulsory convertible
preference shares of its subsidiary Aditya Birla Telecom.
Aditya Birla Telecom holds the license for Bihar circle and Idea's
16%
stake in Indus Towers, a passive infrastructure joint venture company
between
Idea, Vodafone, and Bharti Airtel.
On conversion the preference shares will account for 20% of Aditya
Birla
Telecom.
The funds would be used for Idea's launch in Bihar which is
scheduled in
August.
Equity Alert: Idea up 4% on $640 mln pvt equity investment in arm
MUMBAI--11:30AM--Shares of Idea Cellular were up 4% at 112 rupees
after
the company Thursday said it had raised $640 mln (27.40 bln rupees)
from
US-based fund Providence Equity Partners via compulsory convertible
preference shares of its subsidiary Aditya Birla Telecom.
Aditya Birla Telecom holds the license for Bihar circle and Idea's
16%
stake in Indus Towers, a passive infrastructure joint venture company
between
Idea, Vodafone, and Bharti Airtel.
On conversion the preference shares will account for 20% of Aditya
Birla
Telecom.
The funds would be used for Idea's launch in Bihar which is
scheduled in
August.
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