The private equity (PE) fund, Providence Equity Partners is reportedly planning to sell its 9.31 per cent stake valued at around $225 million in Idea Cellular through block trade. The company has sought expressions of interest from the Bank of America Merrill Lynch and Citigroup.
The PE fund could raise Rs 58 billion by selling its entire stake with Idea?s share trading at Rs 173 apiece.
It had earlier bought a stake of about 15 per cent in Idea Cellular in 2006 for around Rs 18 billion through its subsidiary, P5 Asia Investment in Mauritius at a reported price of Rs 53 per share.
