Private-equity firm Providence Equity Partners today offloaded 2.4 per cent stake in telecom operator, Idea Cellular, for an estimated Rs1,414 crore through an open market route.
According to information available with the stock exchanges, Providence had sold 8.5 crore shares, amounting to 2.4 per cent stake in Idea Cellular through its investment arm — P5 Asia Investment (Mauritius).
The shares were offloaded on an average price of Rs 166.35 valuing the transaction at Rs 1,413.98 crore. At the end of June quarter, Providence Equity Partners held 33 crore shares or 9.31 per cent stake in Idea Cellular through P5 Asia Investments (Mauritius).