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Idea Cellular plans IPO

October 15, 2006
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AV Birla-owned Idea Cellular is planning an initial public offering (IPO) to raise around Rs 14-18 billion in January/ February 2007. Meanwhile, private equity firm Providence Equity Partners is close to picking up a 25 per cent stake in Idea in a deal worth about Rs 35-40 billion. Citigroup Venture Capital is also believed to be close to signing a deal with the service provider.

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