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India's Idea Cellular Raising $500 Million from Investors

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India's Idea Cellular is seeking to raise just over half a billion dollars through a share rights issue.

The rights issue will raise financing that can be used to invest in future radio spectrum purchases, the company told investors.

Following the announcement last week, Reuters news agency reports that the demand for the shares is so strong that it was oversubscribed three times.

The rights issue is not a public tender, and is only being offered to institutional investors. It's not known if the firm will take advantage of the demand to raise more money.

Malaysia's Axiata currently owns 20% of the Indian mobile network, which is also listed on the local stock market.

On the web: Reuters

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Tags: idea cellular  India