Providence Sells Entire 3.3% Stake In Idea Cellular For Rs 1,288 Crore

New Delhi: Providence Equity Partners today exited telecom firm Idea Cellular by selling its entire 3.33 per cent stake for an estimated Rs 1,288 crore through an open market transaction.

The stake sale comes against the backdrop of Idea Cellular being engaged in discussion with rival Vodafone India for a potential merger.

Providence Equity Partners through its investment arm P5 Asia Investment (Mauritius) offloaded 12 crore shares, amounting to 3.33 per cent stake, of Idea Cellular, according to bulk deal data available with the BSE.

The shares were sold at an average price of Rs 107.32, valuing the transaction at Rs 1,287.84 crore, the data showed.

Meanwhile, Goldman Sachs India Fund Ltd picked up 22,549,517 shares of the telecom firm for Rs 241.51 crore.

P5 Asia Investment (Mauritius) had picked up 15 per cent stake in Idea Cellular in 2006 for around Rs 1,800 crore and has been gradually offloading stake over the years. Last June, it sold 3.47 per cent in the telecom major for Rs 1,383 crore.

Shares of Idea Cellular closed at Rs 115.45 apiece on the BSE, 0.74 per cent higher from previous close.

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