Idea stocks fell post entire stake sell by Providence worth Rs 1,331 cr
Shital Jibhe / 28 Feb 2017
The shares of telecom operator Idea Cellular fell 6.5 per cent in the early trade on Tuesday, after one of its non-promoter shareholder exited the company by selling the entire shareholding.
The shares of telecom operator Idea Cellular fell 6.5 per cent in the early trade on Tuesday, after one of its non-promoter shareholder exited the company by selling the entire shareholding.
P5 Asia Investments (Mauritius) Limited, a subsidiary of the providence equity partners sold 3.6 per cent shares in the Idea Cellular Limited, in a price range of Rs 110.30 per share to Rs 110.45 per share, via block deal. The total size of the deal is approximately Rs 1,331 crore.
Meanwhile, Idea Cellular is also in talks with Vodafone's Indian subsidiary regarding merger possibility. Idea shares have zoomed to nearly 47 per cent, since the two sides confirmed merger talks on January 30, 2017.
Idea Cellular share opened gap down on Tuesday at Rs 110.10 per share on the BSE. Currently, the stock is trading at 110.95, down by 3.65 or 3.18 per cent.
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