February 28, 2017 / 09:39 AM IST
Shares of
Idea Cellular could come under pressure on Tuesday as P5 Asia Investments (Mauritius), an arm of the private equity firm Providence Equity Partners, is planning to sell 3.3 percent stake in the Aditya Birla controlled-telecom service provider according to market sources.The block deal is expected to fetch the PE investor USD 190 million and it is being done through the accelerated book building route. The price range at which the proposed block deal will happen is Rs 106.5-114.55 per share.The private equity firm is exiting its investment in the cellular operator following a sharp rally in the shares ever since the company confirmed it was in merger talks with Vodafone India.Providence had bought a 15 percent stake in Idea Cellular back in 2006 at Rs 53 per share. After 10 years, the private equity fund is exiting its investment.Market sources said that Citi is the sole book runner for this deal but calls made to Citi's spokesperson remained unanswered.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!