Private equity firm Providence reportedly aims to raise up to US$242m from the sale of a 2.4% stake in Indian mobile operator Idea Cellular.
Providence, which held a 9.94% stake in Mumbai-based Idea via P5 Asia Investments (Mauritius) at the end of…
Private equity firm Providence reportedly aims to raise up to US$242m from the sale of a 2.4% stake in Indian mobile operator Idea Cellular.
Providence, which held a 9.94% stake in Mumbai-based Idea via P5 Asia Investments (Mauritius) at the end of March, is asking about Rs166 to Rs172 (US$2.75 to US$2.84) per share for the stock, Reuters reported citing a source involved in the deal.
Idea and Providence were not immediately available for comment.
Shares in Idea, which is 20%-owned by Malaysia’s Axiata, were trading at Rs172.20 (US$2.85) each on the National Stock Exchange of India at the time of writing.
In June, Idea raised US$500m in a share sale to institutional buyers. Proceeds will reportedly go towards buying frequencies in the country’s next spectrum auction.
The company is the third-largest mobile operator in India’s 13 player market and currently has a market cap of US$10.3bn.
