US firm Providence exits Idea for ₹1300cr on Vodafone merger
US-based Providence Equity Partners on Tuesday exited telecom firm Idea Cellular by selling its entire stake for an estimated ₹1,288 crore. The stake sale comes amid reports of Idea Cellular being engaged in discussions with rival Vodafone India for a potential merger. Providence sold as many as 12 crore shares or its 3.3% stake in Idea Cellular.