Sidley advised DSP Merrill Lynch Limited and Citigroup Global Markets India Private Limited in connection with a successful US$545 million qualified institutions placement by Idea Cellular Limited (Idea).
Idea issued and allotted approximately 42.42 crore equity shares to qualified institutional buyers at an issue price of Rs 82.50 per equity share, aggregating to about Rs 3,500 crore. Idea stated that the issue witnessed interest from a global investor base with about 56 percent and 44 percent allocation to Indian and foreign investors, respectively.
Idea is the third largest wireless operator by subscribers in India, with a revenue market share of approximately 15.9 percent of the Indian mobile telecommunications services industry (excluding wireline revenue for Bharat Sanchar Nigam Limited and Mahanagar Telephone Nigam Limited) for the Q3FY18. In March 2017, Idea announced a merger with Vodafone India Limited and Vodafone Mobile Services Limited. Vodafone India Limited is the second largest mobile telecommunications operator in India by subscribers as on September 30, 2017.
Sidley advised with a team including Manoj Bhargava (Singapore), and comprised Ankit Kashyap (Singapore), Varun Jetly (Singapore), Carla G. Teodoro (New York), Klara Thamrin (Singapore) and Krittika Shah (Singapore).
Law Firms: Sidley Austin LLP;