UK-based First State Investments has increased its stake in Idea Cellular to over 5 per cent. First State Investments is a part of the asset management division of the Commonwealth Bank of Australia.

In a filing to the Bombay Stock Exchange, Idea Cellular stated that First State Investment Management (UK), on its behalf and First State Investments International has acquired 57 million shares through the open market, to take its shareholding to 5.02 per cent. Earlier, the shareholding stood at 3.29 per cent.

Prior to this, Monet, a part of global investment firm ChrysCapital, had sold over 83.4 million shares in Idea Cellular, which amounted to over 2 per cent stake, for about Rs 7.50 billion.

Also First State Asia Pacific Leader Fund purchased about 41 million shares of the telecom company at Rs 90 each.