Business Standard reports that US based Cingular has offered to sell its holding of around 33% equity shares in Idea to the other shareholders – AV Birla Group and Tata Industries – at an aggregate price of $300 million. The AV Birla Group has decided to accept the offer for acquisition by the company and its subsidiary companies, subject to necessary approvals.
Cingular has been looking to exit Idea since last year. But at the time, both Birlas and Tatas had declined to exercise their option to buy. This forced Cingular to hunt outside and found a buyer in the consortium of Singapore Telemedia and Telekom Malaysia. But the deal couldn’t be consummated due to regulatory obstacles. And then the Birlas changed their mind to join the race for Cingular’s stake.