Birlas Seek Rs 20 A Share For 33% In Idea
The Aditya Birla group is seeking around Rs 20 a share for its 33 per cent stake in Idea Cellular, the mobile telephony joint venture between the Tatas, the Birlas and US-based transnational AT&T.
If the price is acceptable to a buyer, the Birla group can get about Rs 1,500 crore. This would put the valuation of Idea Cellular at around Rs 4,500 crore, sources close to the company said.
The Birlas are seeking this price on the basis of a recent valuation of Idea Cellular. The cellphone consortium has been looking at a private placement of shares to financial investors, and Rs 20 a share was the asking price. Idea has an equity base of Rs 2,240 crore.
A top Birla executive, however, maintained: