Providence to cut stake in Idea

4 Sep 2014

Providence Equity partners is planning to sell a 2.4% in Idea Cellular to raise USD242 million, The Wall Street Journal’s Live Mint news agency quotes a source directly involved as saying. The private equity firm held a 9.31% stake in the cellco at end-June 2014 through its P5 Asia Investments (Mauritius) division, down from 9.94% three months earlier. Providence is targeting a price band of INR166-INR172 (USD2.74-USD2.84) per share, the source said. As previously noted by CommsUpdate, Idea reported its ‘highest ever’ incremental revenue growth in the three months to end-June 2014, with turnover expanding by 7.3% quarter-on-quarter to INR75.562 billion.

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