Idea rings a loud new tune

Idea Cellular is the top gainer on the BSE, up currently at 8.5% at Rs.122, very close to its 52-week high of Rs.128.05.

The market is agog with rumours that there is more brewing in the mega merger between Idea and Vodafone.

There is unconfirmed news that both might be open to the idea of selling 15-20% stake in the merged company to financial investors. News it that both Idea and Vodafone might together own some 51% stake in this new mega telecom company.  Grapevine has it that financial investors would mainly entail private equity funds.

With the merged entity sitting on debt of over Rs.1 lakh crore, both Idea as well as Vodafone will take any such steps possible to cut down the debt.

The stock exchanges had asked for clarification and Idea replied that it was not aware of Providence selling stake in Idea.