Idea Cellular stock on a roll after Rs 6,750-crore fund infusion plan, rises nearly 13%

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The Idea Cellular stock rose nearly 13 percent in early morning trade after the country’s third-largest mobile services company, on Thursday unveiled a plan to raise Rs 6,750 crore ahead of its merger with Vodafone’s local unit. At 10:12 am, the stock was trading 11.82 percent higher at 116.85 on BSE. The stock hit an intra day high of 118 on BSE. The stock was among the top three in terms of turnover on the BSE with trade amounting to Rs 3560 lakh. As part of the plan, Idea will raise Rs 3,250 crore by selling 326.6 million shares on a preferential basis to companies controlled by its parent Aditya Birla Group at Rs 99.5 apiece.The deal will increase Aditya Birla Group’s stake in Idea to 47.2 per cent from 42.4 per cent at present. Idea further intends to raise up to Rs 3,500 through the sale of shares. The options include a rights issue, preferential issue or a share sale to institutions, the company said.The stock is up 55% or 41 points to 115.90 level on an yearly basis.

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