Providence is selling the shares in a price band of roughly 166 to 172 rupees a share, said the source.
Private-equity firm Providence Equity Partners is selling a 2.4 percent stake in India's Idea Cellular Ltd to raise up to USD 242 million, a source directly involved in the deal said on Wednesday.
Providence, which had as of end-June a 9.31 percent stake in Idea through its arm P5 Asia Investments (Mauritius) Ltd, is selling the shares in a price band of roughly 166 to 172 rupees a share, said the source.
The source declined to be named as the information is not public yet. A senior Providence executive in India could not immediately be reached for a comment. An Idea Cellular spokeswoman declined comment.
Ahead of the news, Idea shares closed 0.2 percent lower at 172.30 rupees in a Mumbai market that rose 0.39 percent.
Also Read: Bharti Infratel eyes acquisition of Vodafone, Idea towers
Idea Cellular stock price
On September 04, 2014, at 09:20 hrs Idea Cellular was quoting at Rs 167.35, down Rs 5, or 2.9 percent. The 52-week high of the share was Rs 188.35 and the 52-week low was Rs 125.10.
The company's trailing 12-month (TTM) EPS was at Rs 5.36 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 31.22. The latest book value of the company is Rs 44.10 per share. At current value, the price-to-book value of the company is 3.79.
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