ChrysCapital divests stake in Idea Cellular
Monet, a subsidiary of ChrysCapital, has divested a 2.5% stake in India’s Idea Cellular to an undisclosed buyer for a reported $170 million.
According to Reuters, Idea Cellular is one of India's top cellular carriers, and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The transaction saw Monet sell more 83 million shares on the NSE for INR90 apiece. While the buyer of the bulk shares has not been identified, domestic reports note that First State Asia Pacific Leader Fund bought more than 40 million shares in the company yesterday at a price of INR90 a share.
Monet previously held a 2.7%-plus stake in Idea Cellular, which claims to be the market's third-largest mobile services operator in terms of revenue, with revenue market share of 13.6%. It has a subscriber base of nearly 94 million as of May 31 this year. The company notes on its website that its ability to provide 3G services in 11 service areas in India generates more than 81% of total revenue.
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