UK-based independent asset manager GLG Partners has picked up an 8 per cent stake in the Aditya Birla group-controlled Idea Cellular.
The deal size is estimated at $213 million (Rs 960 crore).
This acquisition brings down the Aditya Birla group's holding in the cellular company from 73 per cent to 65 per cent. C Sivasankaran holds 1.7 per cent in the company.
The Aditya Birla group, sources said, would not dilute its stake further before launching an initial public offering next year.
Ideal Cellular's CEO Sanjeev Aga could not be reached for comments.
Two weeks ago, the Birla group offloaded a 15 per cent stake to Providence Equity Partners of the US for Rs 1,800 crore.
Last week, it sold a 10 per cent stake to ChrysCapital, TA Associates of the UK and Citigroup.
The deals with the private equity players put the company's value at Rs 12,000 crore.
Sources said the Aditya Birla group managed to sell stakes to these investors at around Rs 53 a share, which was nearly a 30 per cent premium over the rate (Rs 40.50) at which it had bought the Tata group's stake in Idea this April.
The Tata group had sold its holding of 48.14 per cent in Idea Cellular for Rs 4,406 crore.
They added that the promoters of Idea were clear that they would not sell more than 33 per cent to private investors.
"Providence had emerged as the sole contender for this stake at one point in time. Later, other investors joined in," they added.
