Idea offloads stake
December 15, 2006
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The Aditya Birla Group has reportedly sold 1.25 per cent stake in Idea Cellular to London-based Spinnaker Capital, 0.5 per cent stake to Australia's Macquarie and 1.5 per cent to Sequoia Capital.
Another 2.15 per cent has been purchased by foreign institutional investors. Idea expects to launch its initial public offering (IPO) by end-January 2007. The company, which targets to raise Rs 25 billion from its 10-12 per cent stake divestment, has filed the draft red herring prospectus.
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