Idea Cellular rejig management before IPO
Idea Cellular Ltd has rejigged its management structure bringing in two chief operating officers under managing director Sanjeev Aga, reports Suman Layak.india Updated: Feb 05, 2007 18:56 IST
c. The team that is leading the company in the IPO has Himanshu Kapania and Ambarish P Jain as chief operating officers reporting to Aga. Each of them has six other circle-chief operation officers reporting to them.
Sanjeev Aga, who took over as the managing director of the company in November said, "These changes were made two months back. Every circle is now headed by a chief operating officer. However, the load was becoming too much on me and therefore it was necessary to elevate two of the COOs to look after part of the job."
The company announced the dates for initial public offering, which will open on February 12, 2006 and close on February 15. The IPO promotion was kicked off by company chairman, Kumar Mangalam Birla at a media conference in Mumbai on Monday.
The price band is between Rs 65 and Rs 75. The company aims to raise Rs 2,125 crore through the issue and has a greenshoe option to retain another Rs 318.75 crore.
Idea Cellular is looking at launching operations in Mumbai Metro area and the Bihar circle in 2007. Himanshu Kapania, one of the chief operating officers said that the company has applied for licence for operations in all of the 23 circles of the country.
The company is already operating in 11 circles of which three have been launched in the last three months of 2006.
Aga also confirmed that the company will be shifting its corporate office to Mumbai in April. The registered office of the company will, however, continue to remain at Gandhinagar.