Providence sells 2.4% stake in Idea for Rs 1,414 cr

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Private-equity firm Providence Equity Partners today offloaded 2.4 per cent stake in telecom operator, Idea Cellular, for an estimated Rs 1,414 crore through an open market route.

According to information available with the stock exchanges, Providence had sold 8.5 crore shares, amounting to 2.4 per cent stake in Idea Cellular through its investment arm — P5 Asia Investment (Mauritius).

The shares were offloaded on an average price of Rs 166.35 valuing the transaction at Rs 1,413.98 crore.

At the end of June quarter, Providence Equity Partners held 33 crore shares or 9.31 per cent stake in Idea Cellular through P5 Asia Investments (Mauritius).

Idea Cellular is the country's third largest telecom operator with nearly 14 crore subscribers. The company, part of Aditya Birla Group, has a market value of Rs 60,150 crore.

Meanwhile, Europacific Growth Fund purchased 1.89 crore shares of Idea Cellular for Rs 315.95.

Besides, Capital World Growth and Income Fund picked up 1.80 crore shares of the telecom firm Rs 300.04 crore.

These funds have bought the shares of the company on an average price of Rs 166.30.

The telecom player has made robust financial earnings in the April-June quarter. The company's net profit jumped by 57 per cent to Rs 728.2 crore and revenue rose 16 per cent to Rs 7,484.8 crore.

Idea Cellular stock had settled at Rs 167.25 apiece on the BSE, down 2.96 per cent from the previous close.

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