Providence may sell over 3 pc stake in Idea Cellular

Providence Equity Partners is likely to exit telecom firm Idea Cellular by selling its remaining 3.33 per cent stake for an estimated amount of over Rs 1,200 crore.
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.

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.