GC
Rally helps Providence rake in $233m with Idea
Providence Equity Partners has raised Rp14.13bn ($233m) by selling a 2.5% stake in India’s Idea Cellular, with the private equity fund timing the deal to take advantage of a recent rally in the stock.
It was only in June that Idea hit headlines by raising Rp30bn through its own share placement, India’s third largest ECM trade for the year. That deal was priced at Rp134.00 a share, based on the indicative price guidance of Rp131.00-Rp136.35. It was offered at a 1.72%
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