Monet sells over 2% stake in Idea for Rs 750 cr

NEW DELHI: Monet Ltd, a part of global investment firm ChrysCapital, on Thursday sold over 8.34 crore shares of telecom operator Idea Cellular -- amounting to over 2 per cent stake -- for about Rs 750 crore.

Monet sold about 8.34 crore shares of the country's fourth largest telecom company at Rs 90 apiece in a bulk deal on the National Stock Exchange, the exchange data showed.

Monet owned 8.95 crore shares (2.71 per cent) of Idea Cellular's total shares as on June 30, 2011, according to Idea Cellular website.

In another bulk deal, First State Asia Pacific Leader Fund bought about 4.10 crore shares of the telecom company at Rs 90 each, the data showed.

Shares of Idea Cellular closed at 2.18 per cent down from its previous close at Rs 89.60 apiece on the National Stock Exchange.