ChrysCapital Arm Sells Shares of Idea Cellular

Monet Ltd., an investment arm of private equity firm ChrysCapital, has sold about 2.5% of its stake in Indian cellular carrier Idea Cellular in a deal valued at $170 million, Reuters reported Thursday. The identity of the buyer was not disclosed.

(Reuters) – An arm of private equity firm ChrysCapital on Thursday sold about 2.5 percent of its stake in India’s fourth-biggest cellular carrier Idea Cellular in a deal valued at about $170 million, exchange data showed.

Monet Ltd sold about 83.5 million Idea shares at 90 rupees apiece in a block deal on the National Stock Exchange on Thursday, the data showed.

Monet is an investment arm of ChrysCapital.

The identity of the buyer was not immediately known, but exchange data also showed First State Asia Pacific Leader Fund bought about 41 million Idea shares on Thursday at 90 rupees each.

ChrysCapital did not immediately respond to a mail from Reuters seeking comment.

Monet owned 89.5 million shares, or 2.71 percent of Idea’s total shares, as of end-June, data on the mobile carrier’s website showed.

Idea shares closed 1.7 percent down at 90 rupees in the Mumbai market that fell 1.1 percent. (Reporting by Sumeet Chatterjee and Devidutta Tripathy; editing by Malini Menon)