Idea announces closure of QIP, raises Rs 3,500 crore
Posted on 24th February 2018 |
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| Idea Cellular on Friday announced the closure of its qualified institutional placement (QIP). The company has issued and allotted approximately 42.42 crore equity shares at an issue price of Rs 82.50 per share and raised about Rs 3,500 crore. The issue allocation is approximately 56% and 44% to Indian and foreign investors, respectively, a press release from Idea said. DSP Merrill Lynch Ltd and Citigroup Global Markets India were the global co-ordinators and book running lead managers to the issue. The company said that the Rs 3,500 crore raised through the QIP, along with a recent infusion of Rs 3,250 crore by Idea’s promoter and promoter group, will reduce the company’s net debt by approximately Rs 6,750 crore. In November 2017, Idea and Vodafone had agreed to sell their respective stand-alone tower businesses in India to ATC Telecom Infrastructure (American Tower) for an aggregate enterprise value of Rs 7,850 crore. “Further, we continue to evaluate strategic options to monetize Idea’s 11.15% stake in Indus Towers. These proceeds will strengthen the financial position of the merged entity,” the company stated in the release. In 2017 43 companies raised `56,152.08 crore through the QIP route. QIP is a capital-raising tool wherein a listed company can issue equity shares, wholly and partly convertible debentures, or any security other than warrants that are convertible into equity shares. But unlike in an IPO or an FPO, only institutions or qualified institutional buyers can participate. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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