Last year, Providence had trimmed its stake in the telecom firm.
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 also comes against the backdrop of Idea Cellular being engaged in discussion with rival Vodafone India for a potential merger.
Shares of Idea Cellular declined over 4 per cent to close at Rs 114.60 on the BSE.
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