Private equity fund Providence Equity Partners has offloaded a 2.4 per cent stake in Idea Cellular for Rs 14.14 billion through the open market route.
Providence sold 85 million shares through its investment arm, P5 Asia Investment (Mauritius) at an average price of Rs 166.35 per share. Capital World Growth and Income Fund purchased 18 million shares at Rs 166.30 per share, while Europacific Growth Fund bought 18.9 million shares at the same price.
As of June 2014, Providence Equity Partners held 330 million shares in Idea Cellular, equivalent of 9.31 per cent stake in the company through P5 Asia Investments (Mauritius).
