Axiata Won't Increase Stake in India's Idea Cellular
Published on: 19th Aug 2011
Note -- this news article is more than a year old.
Malaysia's Axiata Group has denied reports that it wants to increase its stake in Indian mobile network operator, Idea Cellular to 25%, and said that it has no intention of raising its stake above 20%.
The company recently boosted its holding in the Indian company to 19.98% sparking speculation that the company might increase its stake further.
Yesterday, the Economic Times newspaper reported that the company was looking to increase its stake to 25%, although that could have triggered a mandatory offer for the shares on the Bombay stock market. A source told the newspaper that the private equity firm Providence, that holds 9.99% in Idea Cellular, is an eager seller.
The company has since confirmed that it has no intention of raising its stake above the 20% mark.