Providence Equity Partners, a global private equity firm, revealed plans that it may offload its 10% stake in Idea Cellular in open market deals in the next few weeks. Providence Equity Partners has around a 10% share in Idea Cellular worth about US$900 million, sources close to the discussion said. ChrysCapital, an India-focused fund, is also expected to determine soon if they should unlock its more or less 3.8% stake in HCL Technologies which currently valued at over US$450 million.
"The Idea Cellular stock is trading above the target price set by Providence, at a time the investment is due for an exit," said a banker with knowledge of the matter. Another source said that ChrysCapital too was taking into consideration at least a part sale ofits the HCL Technologies stake.
HCL Technologies's stock price ended Wednesday's trading at INR875 after reaching a mid-day high of INR888. Idea Cellular's stock price hit a record high of INR163 intraday before closing lower at INR151 on Wednesday.
Join the Conversation