Idea Cellular shares dropped on Thursday after it announced that the securities allotment committee of the board of directors of the company has allotted 223,880,597 equity shares of face value of Rs 10 each to eligible QIBs at a price of Rs 134 equity share.

The QIB is including a premium of Rs 124 equity share, aggregating approximately to Rs 30,000 million under the SEBI Regulations and Section 42 of the companies act, 2013 and the rules made thereunder.

Post allotment, the paid-up equity share capital of the company stands increased to Rs. 35,439,445,020 comprising of 3,543,944,502 equity shares of Rs 10 each.

Shares of the company are trading at Rs 142.60, down Rs 1, or 0.70% at the Bombay Stock Exchange (BSE) on Thursday at 12:10 p.m.

The scrip has touched an intra-day high of Rs 143.90 and low of Rs 140.65. The total volume of shares traded at the BSE is 174,542.

In the earlier session, the shares lost 1.14%, or Rs 1.65, at Rs 143.60.

Currently, the stock is trading down 24.29% from its 52-week high of Rs 188.35 and above 13.99% over the 52-week low of Rs 125.10.