Business

Idea Cellular Seeks Shareholders To Raise Rs 10k Crore

NEWS WORLD INDIA | 0
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| September 6 , 2015 , 11:00 IST
IdeaIdea Cellular is looking to seek shareholders' nod to raise up to Rs 10,000 crore through issue of non-convertible securities on private placement basis in one or more tranches. The country's third largest mobile operator would seek shareholders' approval at its annual general meeting to be held on September 28. "Consent of the members be and is hereby accorded...to borrow from time to time, by issuance of non-convertible securities, including but not limited to non-convertible debentures (NCDs), secured or unsecured, in one or more series/tranches aggregating up to an amount not exceeding Rs 10,000 crore on a private placement basis, during a period of one year from the conclusion of the 20th Annual General Meeting," Idea said in the notice on the BSE. The company will also seek shareholders approval for the re-appointment of Himanshu Kapania as managing director for another five years from April 1, 2016. Apart from that the company will seek approval for other ordinary business like declaring dividend and appointment of director, and so on.