India's Idea Cellular launches up to $506 mln share sale

NEW DELHI, June 5 Thu Jun 5, 2014 7:46am EDT

NEW DELHI, June 5 (Reuters) - India's Idea Cellular Ltd said on Thursday it was launching a share sale of up to 30 billion rupees ($505.5 million), as it needs to buy airwaves in the next government auction.

The floor price for the sale is 136.98 rupees, the country's third-biggest mobile phone carrier, said in a filing to stock exchanges.

($1 = 59.3450 Indian Rupees) (Reporting by Devidutta Tripathy; Editing by Anupama Dwivedi)

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