Idea Cellular gains on plans to sell tower biz

Shares of Idea Cellular were up over 4% at Rs 136 amid reports that the telecom major is in talks with Axiata of Malaysia to sell off its tower business.

Idea plans to divest its 9,400 towers to raise funds for capital expenditure, licence renewals, as well as purchase of spectrum, Economic Times reported citing two persons familiar with the deal.

A team from Axiata is scheduled to arrive in India in the next few weeks to take the negotiations further, the report said.

Nearly 2 million shares were traded on both the stock exchanges so far.