Wednesday, 22 February 2017

Idea Cellular soars 5% as merged entity may sell 15-20% stake

Shares of Idea Cellular soared over 5 percent intraday on Wednesday on reports of stake sale in the merged entity. Both Idea Cellular and Vodafone may look to sell 15-20 percent in the combined entity to financial investors. Idea-Vodafone together may own around 51 percent stake in the combined entity and is likely to invite offers from private equity (PE) funds for selling this stake. 

The merged entity will have a debt of over Rs 1 lakh crore and this stake sale could help it in reducing this amount as well as infuse cash for operations, sources say.

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