Idea Cellular's PE backer exits before merger

Providence Equity Partners raised $193 million through a block sale of shares in the Indian telecom giant ahead of the company's proposed merger with Vodafone India.

US private equity firm Providence Equity Partners sold its entire 3.3% stake in Idea Cellular for Rs12.9 billion $193 million through a block trade on Monday, marking an end to its 11-year shareholding in the Indian telecommunications service provider.

Bankers familiar with the situation said Providence sold 120 million Idea Cellular shares through its subsidiary P5 Asia Investment Mauritius at Rs107.1 per share, implying a 6.5% discount to the stock’s closing price of Rs114.55 on Tuesday. The shares were pitched at between Rs106.5 and Rs114.55, or a 0% to 7% discount to Monday's closing price. 

Providence was Idea Cellular’s seventh largest shareholder before the stake sale....

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222