Idea Cellular has dipped 7% to Rs 107 on the BSE after more than 3% of total equity of telecom services provider changed hands with block deal.
At 09:15 am, around 123.8 million shares representing 3.4% of total equity of Idea Cellular changed hands on the BSE, the exchange data showed.
The stock was trading at Rs 110, down 4% on the BSE at 09:26 am. A combined 149 million shares, representing 4.1% of total equity of Idea Cellular, have changed hands on both the exchanges.
In past one month, the stock of Idea Cellular had outperformed the market by surging 47% after the telecom provider is in talks with its peer Vodafone on a possible merger. In comparison, the S&P BSE Sensex was up 3.3% during the same period till Monday.
“US-based private equity (PE) player Providence Equity Partners will sell 3.3% of its stake in Indian telecom provider Idea Cellular through a block deal. The block deal would mark the complete exit of Providence from Idea Cellular,” the Business Standard report suggests. CLICK HERE TO READ FULL REPORT.
The stock was trading at Rs 110, down 4% on the BSE at 09:26 am. A combined 149 million shares, representing 4.1% of total equity of Idea Cellular, have changed hands on both the exchanges.
In past one month, the stock of Idea Cellular had outperformed the market by surging 47% after the telecom provider is in talks with its peer Vodafone on a possible merger. In comparison, the S&P BSE Sensex was up 3.3% during the same period till Monday.
“US-based private equity (PE) player Providence Equity Partners will sell 3.3% of its stake in Indian telecom provider Idea Cellular through a block deal. The block deal would mark the complete exit of Providence from Idea Cellular,” the Business Standard report suggests. CLICK HERE TO READ FULL REPORT.
