Pilani Investments bought 8.1 mn Idea shares before merger talks

Purchased in a dozen tranches ranging from 15,000 shares to 2.95 mn, these cost Rs 58.6 cr

Pilani Investments and Industries Corp, the investment firm of Birlas, has picked a small holding in the group’s telecom venture, Idea Cellular, and is sitting on handsome gains, following the news of merger talks with rival Vodafone. 

Pilani acquired 8.1 million shares of Idea through market purchases between November 18 and December 6. Bought in a dozen tranches ranging from 15,000 shares to 2.95 million, these cost Pilani Rs 58.59 crore, exchange filings by Idea under insider trading regulations showed.

The average cost of acquisition worked out to Rs 71.7 per share. Though the shares were trading in a tight