Idea Cellular share sale subscribed nearly three times

Telecommunications company Idea Cellular's up to $506 million share sale to institutional investors received a demand of nearly three times the number of shares on offer.

People directly involved with the deal said on Friday that the issue would be priced at Rs 134 per share, declining to be named as the information is not public.

Idea had set an indicative price band of Rs 131-136.35 for the sale, according to a termsheet seen by Reuters.

An Idea Cellular spokeswoman declined comment.

Shares of Idea Cellular were trading 2.49 per cent higher in afternoon trade on the Bombay Stock Exchange at Rs 139.75.

(Reuters)