Idea Cellular, one of the leading telecom operators in India and a part of the Aditya Birla group, announced the successful closure of its qualified institutions placement. 

The company has issued and allotted 223.9 million equity shares of face value of Rs 10 each to qualified institutional buyers at an issue price of Rs 134 a share, aggregating to approximately Rs 30 billion.

'The issue witnessed strong interest from both foreign and Indian investors,' it said. The overall allocation to foreign investors is approximately 62% of the issue and to domestic investors is approximately 38% of the issue, resulting in diversified representation from a high quality global investor base, it added.

Shares of the company gained Rs 0.75, or 0.53%, to trade at Rs 141.95. The total volume of shares traded was 52,120 at the BSE (9.47 a.m., Friday).