Providence to sell 3.33% holding in Idea Cellular for Rs 1267 crore

Mumbai: Private equity fund Providence is set to sell it's 3.33 percent holding in the country's third biggest telco Idea Cellular for over Rs 1,267 crore, marking its complete exit from the Aditya Birla Group company that is planning to merge with larger rival Vodafone.[caption id="attachment_2520228" align="alignleft" width="380"] Reuters[/caption]It will be selling the stake on the exchanges today in the block deal in a price range of Rs 106.5 to Rs 114.55,sources said. At the lower end of the price, which is a 7 percent discount to the stock's close on the NSE yesterday, it will raise about Rs 1,267 crore.It can be noted that the Idea Cellular stock has had a rally for over a month now, ever since speculation and a confirmation of talks for a merger with second biggest telco Vodafone came out. The stock gained 53 per cent since January but declined over 4 per cent today Citi india is the sole boon runner of the dealm according to marky sources.The PE firm had picked up 15 percent in 2006 through its investment arm P5 Asia Investment (Mauritius) for aroundRs 1,800 crore and has been paring its holding continuously over the years. Last June it had sold 3.47 per cent in the telco for Rs 1,383.