12 Investors In The Fray For Birla TMT Stake In Idea Cellular
Sun, 04/16/2006 - 14:09 — Sahad P V
By now you all now that Aditya Birla Group is buying out Tata's 48.14 per cent stake in Idea Cellular for a little less than $1 billion (Rs 4,406 crore). Two Birla entities will buy the stake. Birla TMT Holdings, an unlisted company, will acquire 33.3 per cent, while Aditya Birla Nuvo will acquire 15 per cent. However, Birla TMT will hawk the stake of 33.3 per cent to other private equity investors.
The Economic Times report mentions that Birla TMT is likely to have already entered into a deal with some financial investors to place the Idea equity. Apparently about 10-12 investors are in the fray, and a final call will be taken in a fortnight.
The Birlas had acquired the stake in Idea at Rs 40.50 a share. After the private placement, Idea Cellular is planning to go in for an IPO.
Also read: Birla may take pvt placement route
Related:
Aditya Birla Group Buys Tata Stake In Idea Cellular For $985.7 Million
