Idea Cellular’s up to USD506 million share sale to institutional investors received a demand of nearly three times the number of shares on offer, Reuters reports, citing people directly involved with the deal. The share sale followed the cellco’s decision in August 2013 to raise up to INR37.5 billion (USD636.1 million) by issuing shares to institutional investors. Idea has earmarked the funds from the most recent sale to repurchase at auction a number of concessions that are due to expire shortly.
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