Idea Cellular slips as PE firm to sell stake at discount
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Shares of Idea Cellular were down over 3% at Rs 166 on talk that US-based private equity investor Providence Equity Partners plans to sell part of its stake in the mobile service provider at a discount to the current market price.
On Wednesday, the stock had closed at Rs 172.35 on the Bombay Stock Exchange.
According to reports, the US-based private equity firm plans to sell around 2.4% stake in the mobile phone major through a block deal.
The stock opened at Rs 169 and touched a low of Rs 165 on the BSE so far. Nearly 100 million shares were traded on both the stock exchanges so far.
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The Supreme Court on Friday issued a notice to the Enforcement Directorate (ED) in response to a petition from former Delhi Deputy Chief Minister and Aam Aadmi Party (AAP) leader Manish Sisodia. Sisodia sought a relaxation of the bail condition that mandates him to appear before the investigating officer every Monday and Thursday.
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