US-based private equity firm Providence Equity Partners is reportedly planning to sell almost half of its stake in Idea Cellular in a block trade for about $209 million (about Rs 1400 crore). Providence has hired investment banker Morgan Stanley to manage the share sale.
As of March 31, 2016, Providence held around 6.8 percent stake in Idea Cellular. The share sale is likely to happen at a price range of Rs 110.5-112.5 per share, a discount of almost 6 percent to the closing price of Rs 118.5 per share on June 2, 2016.
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.
Company Name | CMP |
---|---|
Bharti Airtel | 1282.75 |
Vodafone Idea | 12.38 |
Indus Towers | 338.15 |
Tata Communications | 1714.10 |
Bharti Hexacom Ltd. | 888.90 |
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