Idea Cellular said it has approved a price of Rs 82.50 for the shares to be sold as part of its Rs 3,500 cr qualified institutional placement.

The price implies a discount of 2.6% to the opening price of Idea Cellular stock on the NSE today.

It also said that it will close its QIP issue today.

Qualified institutional placement refers to a private offer for sale of shares to institutions, subject to restrictions on how the price has to be calculated.

The QIP is part of efforts by Idea to shore up its balance sheet before its merger with Vodafone India.

The company had raised Rs 3,250 cr from its promoters earlier this year, and said it would raise another Rs 3,500 cr by selling its shares to qualified institutions.

The company has seen an increase in its operating losses since an agreement was announced to merge with Vodafone’s India unit.

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