Providence selling up to $242 mln stake in India's Idea Cellular - source
MUMBAI, Sept 3
MUMBAI, Sept 3 (Reuters) - Private-equity firm Providence Equity Partners is selling a 2.4 percent stake in India's Idea Cellular Ltd to raise up to $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.