Providence Equity Partners have sold 3.47 percent stake in telecom operator Idea Cellcular for an estimated amount of Rs 1,383 crore via an open market transaction.

According to a bulk deal data available with the stock exchanges, Providence has sold a total of 12.50 crore shares, or 3.47 percent stake in Idea through its investment arm P5 Asia Investment (Mauritius).

The shares were offloaded on an average price of Rs 110.65 valuing the transaction at Rs 1,383.12 crore.

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