Idea Cellular rallies 5% on reports of stake sale in tower arm

NEW DELHI: Idea Cellular rallied nearly 5 per cent in morning trade on Tuesday after media reports suggested that the telecom major has put on block 100 per cent stake in its tower arm, dropping its earlier plans to sell a minority stake in the business.

According to sources, Idea Cellular is looking to sell 11,000 telecom towers for close to USD 1 billion.

At 11:35 am; Idea Cellular was trading 4.2 per cent higher at Rs 79.05. It hit a low of Rs 77.60 and a high of Rs 79.55 so far in trade on Tuesday.

Idea Cellular has reached out to America Tower Corp, Bharti Infratel and Brookfield for tower sale, sources said, adding that it is likely to retain its stake in Indus Towers. Idea, ATC, Bharti Infratel declined to comment on the query.