Idea gets shareholders nod to raise up to Rs 10,000 crore

Idea Cellular said its shareholders have approved to raise up to Rs 10,000 crore through issue of non-convertible securities on private placement basis in one or more tranches
The company, which held its 20th Annual General Meeting (AGM) on Monday, said all the items of business contained in the notice for AGM have been approved by the shareholders. The country’s third largest mobile operator in a filing to BSE said special resolution to issue non-convertible securities on private placement basis up to an amount of Rs 10,000 crore has been approved. The company also approved reappointment of Himanshu Kapania as Managing Director for another five years from April 1, 2016. The company’s shareholders also approved other ordinary businesses like declaring dividend and appointment of director, among others.

Idea Cellular stock price On September 30, 2015, at 13:35 hrs Idea Cellular was quoting at Rs 146.35, up Rs 7.05, or 5.06 percent. The 52-week high of the share was Rs 203.90 and the 52-week low was Rs 137.25. The company’s trailing 12-month (TTM) EPS was at Rs 8.30 per share as per the quarter ended June 2015. The stock’s price-to-earnings (P/E) ratio was 17.63. The latest book value of the company is Rs 60.82 per share. At current value, the price-to-book value of the company is 2.41.