US-based private equity firm Providence Equity Partners is reportedly planning to sell 2.4% stake in Idea Cellular in the open market for up to $250 million, highlighting the Rhode Island-based firm's gradual exit from India's third-biggest mobile phone operator. The fresh development will reduce Providence's stake in Aditya Birla Group's telecom flagship from 9.3% to 6.9%.
Through an accelerated book building method launched on September 3, Providence is proposing to sell Idea Cellular stake between Rs 166.30 and Rs 172.30 per share.
Idea Cellular, an AV Birla group company, provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level, it is present in all 22 telecom circles.
