Idea Cellular is trading higher by over 1% at Rs 137 in otherwise weak market, after the Reserve Bank of India (RBI) announced that foreign institutional investors (FIIs) can now purchase up to 49% stake in telecom operator. The FII limit in the company was 24% earlier.

“FIIs, through primary market and stock exchanges, can now purchase up to 49% of the paid-up capital of Idea Cellular Limited under the Portfolio Investment Scheme (PIS),” the RBI said in release on Friday.

Idea Cellular Limited, India’s third largest cellular operator, said on Thursday that it has priced its Rs 3,000-crore sale of shares to qualified institutional buyers at Rs 134 apiece. Last Thursday, the company had announced a floor price of Rs 136.98 a share. The final price includes a premium of Rs 124 a share. Idea Cellular closed the issue today.

Mumbai: Idea Cellular Ltd is planning to raise Rs.750 crore by issuing equity shares to Axiata Group Bhd of Malaysia on a preferential basis.

India’s third largest wireless service operator will issue 51 million equity shares at Rs.144.68 apiece, aggregating to approximately Rs.750 crore on a preferential basis to Axiata Investments 2 (India) Ltd, a wholly owned subsidiary of Axiata Group.

Mobile phone operator Idea Cellular Ltd plans to launch a share sale to raise as much as USD 500 million on June 5 to part fund its capital expenditure including a purchase of mobile radiowaves, three people involved in the deal said.

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