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....
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