<article>A subsidiary of <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=providence" target="_blank">Providence Equity Partners</a> is selling its 3.3 percent stake in India&#8217;s third-biggest mobile phone carrier <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=idea" target="_blank">Idea Cellular Ltd</a> for at least $190 million, according to a deal term sheet seen by Reuters on Monday.</article>

A subsidiary of <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=providence" target="_blank">Providence Equity Partners</a> is selling its 3.3 percent stake in India&#8217;s third-biggest mobile phone carrier <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=idea" target="_blank">Idea Cellular Ltd</a> for at least $190 million, according to a deal term sheet seen by Reuters on Monday.
The Providence unit, <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=P5+Asia+Investments+" target="_blank">P5 Asia Investments (Mauritius) Ltd</a>, will sell about 120 million shares in the mobile carrier on Tuesday in a price range of 106.5 rupees ($1.60) to 114.55 rupees a share, the term sheet showed.
The lower end of the range is a 7 percent discount to Idea&#8217;s closing price of 114.55 rupees on the National Stock Exchange on Monday and would value the 3.3 percent stake at nearly $192 million.
Idea, part of the Aditya Birla conglomerate and about 20-percent owned by Malaysia&#8217;s Axiata, is in talks over a merger with Vodafone&#8217;s Indian subsidiary, potentially creating the country&#8217;s biggest phone carrier.
Idea shares have surged nearly 47 percent since the two sides confirmed merger talks on Jan. 30.
(Reporting Savio Shetty and S.Anuradha of IFR; writing by Devidutta Tripathy; editing by David Clarke)
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<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/providence-equity-to-sell-3-47-stake-in-idea-cellular-43105/" target="_blank">Providence Equity part exits Idea Cellular, sells 3.47% stake in Indian telco for $209m</a>
Reuters

A subsidiary of Providence Equity Partners is selling its 3.3 percent stake in Idea Cellular Ltd for at least $190 million.

India: Providence selling stake in Idea Cellular for $190m

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India: Providence selling stake in Idea Cellular for $190m

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