Providence makes partial exit from India’s Idea Cellular
Friday, September 05, 2014
(AVCJ by Andrew Woodman) – Providence Equity has made a partial exit from Idea Celluar, a Indian mobile network operator promoted by Aditya Birla Group, selling a 2.3% stake – or a quarter of its previous holding – for around INR14.1 billion ($234 million) via an open market transaction.
The exit from the eight-year-old investment is understood to have generated 3x money multiple, or an IRR of 15%, not counting dividends.
