Idea stock down 6.5% on Providence EP stake sale buzz

Shares of Idea Cellular fell by 6.5 per cent today following reports that Providence Equity Partners is likely to exit the telecom firm by selling its 3.33 per cent stake for about Rs 1,200 crore.
The stock declined by 6.54 per cent to Rs 107.10 on BSE.
On NSE, it dipped 4.75 per cent to Rs 109.10.
Providence had last year trimmed its stake in Idea.
The deal, which is expected to be worth over Rs 1,200 crore, would see the private equity firm exiting the company, according to sources.
The stake sale reports come against the backdrop of Idea Cellular holding merger talks with rival Vodafone India.

The PE firm -- through its investment arm P5 Asia Investment (Mauritius) -- had picked up 15 per cent stake in Idea Cellular in 2006 for around Rs 1,800 crore and has been gradually offloading stake over the years.