Providence Equity exits Idea Cellular

The deal has taken place at a time when Idea is in talks with its peer Vodafone on a possible merger

US-based private equity (PE) player Providence Equity Partners sold 3.3 per cent of its stake in telecom provider Idea Cellular through a block deal on Tuesday. 

The total value of the deal was Rs 1,278 crore and multiple investors, including Goldman Sachs, picked up the stake, BSE data showed. The stake sale marks the complete exit of Providence from Idea.  The Idea stock on the BSE on Tuesday closed up 0.7 per cent at Rs 115.45. 

The deal has taken place at a time when Idea is in talks with peer Vodafone on a possible merger and the news led to spiralling