First State Investments raises stake in Idea

NEW DELHI, INDIA: First State Investments, part of the asset management division of the Commonwealth Bank of Australia , has raised its stake in Indian mobile carrier Idea Cellular to more than 5 per cent, it said in a stock exchange filing on Monday.

First State last Thursday bought 57.04 million shares of the mobile carrier, or a 1.73 per cent stake, through stock market transaction to increase its total stake to 5.02 percent, it said.

An arm of private equity firm ChrysCapital on Thursday sold about 2.5 percent of its stake in Idea Cellular in a deal valued at about $170 million, exchange data showed.