Idea cellular stock rises 14%
Idea cellular, got listed with a 23 percent premium at Rs.92.40 over its issue price on the Bombay Stock Exchange (BSE) on March 8. The scrip surged 14.06 percent over its issue price to close at Rs.14.06 percent over its issue price to close at Rs.85.55 at the BSE and joined the league of top companies in terms of market capitalisation.
With over six crore Idea shares changing hands at the BSE, Idea cellular’s market capitalisation stood at over Rs.22000 crore in the basis of closing price. The company may enter the bench mark index, Sensex, based on its market cap after three months.
According to the scrip selection rules for sensex, a newly listed company may be included in the Sensex if its full market capitalisation ranks among top 10 in the list of BSE universe. The scrip closed at Rs.85.25, up Rs.10.25 or Rs 13.67 percent on the National Stock Exchange (NSE), over its issue price with a total of 17.49 crore idea shares changing handsE.
Idea cellular chairman Kumar Mangalam Birla said that the Idea cellular issue was over subscribed by over 50 times and the total demand was in excess of $27.56 billion.
Idea cellular managing director Sanjeev Aga said that company proposed to invest a sum of $2 billion towards the expansion of its network in India over a period of two years.
