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Friday, December 08, 2006

Idea Cellular files DRHP with Sebi

Idea Cellular, an Aditya Birla Group company, has filed its draft red herring prospectus, DRHP with the Securities and Exchange Board of India, Sebi for a proposed initial public offer, IPO of equity shares of Rs 10 each for cash at a premium to be decided through a 100% book-building process aggregating to Rs 25,000 million, as per press release.

The company proposes to reserve equity shares amounting to Rs 500 million for allotment to eligible employees of the company with the balance of Rs 24,500 million to be available for allotment to public.

Of the total net issue, the company proposes to reserve 60% to be allotted on a proportionate basis to qualified institutional buyers (as such term is defined under applicable Indian laws and regulations), QIBs, of which 5% will be allotted to mutual funds (as defined under applicable Indian laws and regulations). A further 10% will be reserved for allotment to non-institutional buyers and the balance 30% will be reserved for allotment to retail investors.

The company proposes a green shoe option not exceeding Rs 3,750 million in excess of the equity shares that are included in the issue of Rs 25,000 million.

The company is considering a pre-IPO placement of equity shares not exceeding 15% of the total issue of Rs 25,000 million. The net issue would be reduced to the extent of any pre-IPO placement.

The company is one of the leading mobile operators in India and currently operates in 11 Circles comprised of one metropolitan Circle, three category A Circles, six category B Circles and one category C Circle. The company ranks amongst the top three operators in six of its 11 Circles.

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