Providence to sell 3.3% of Idea Cellular stake in block deal

Deal would mark the complete exit of Providence from the telecom firm

US-based private equity (PE) player Providence Equity Partners will sell 3.3 per cent of its stake in Indian telecom provider Idea Cellular through a block deal. The block deal would mark the complete exit of Providence from Idea Cellular.

According to official press release, the shares will be offered in the range of Rs 106.5 to Rs 114.55 apiece. At the lower price range, the discount offered would be seven per cent to Monday's close price and the total value of the block trade would be Rs 1,278 crore.

The proposed block deal comes at a time when the telecom provider is