Indian telecom company Idea Cellular Ltd. said Sanjeev Aga has sold 5,000 shares in the company for INR8.81 lakh through a market sale. Aga is one of Idea Cellular's board directors.
According to a report by Economic Times, Aga holds 1.05 lakh shares in Idea Cellular. This comprises 0.003% of the company's total share capital.
Idea Cellular in a filing with the Bombay Stock Exchange said Aga sold his 5,000 shares on November 29. The share sale took place on the National Stock Exchange. Idea Cellular had an idea about Aga's stake sale on December 3, the report said.
Aga was credited for launching Idea Cellular. He was appointed as the company's managing director for a period of five years on November 1, 2006. Aga relinquished his post in 2011, Economic Times said.
Idea Cellular has a total of $5.334 billion assets under management as of 2010. It generated a revenue of $2.4 billion in 2011, based on its latest financial report.
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