The promoters of the Delhi-based Matrix Cellular and CX Partners, a private equity firm led by Ajay Relan, former, head, India PE business are planning to sell a majority stake in the company, says news reports.
Matrix Cellular provides telecom solutions such as international SIM cards to Indians travelling abroad. The company is valued at over Rs 12 billion.
Matrix Cellular and CX Partners plan to raise over Rs 6 billion by divesting more than 50 per cent stake in the company. CX Partners had invested $30 million in lieu of a 33 per cent stake in Matrix Cellular in 2011.
Matrix Cellular has mandated investment banks Grant Thorton and Avendus to facilitate the transaction. The company has over 1,000 employees spread across 20 cities in India. Earlier this year, the company had forayed into travels card by introducing Matrix Forex card.
