Sanjeev Aga sells entire stake in Idea for over Rs 68 lakh

Idea Cellular today said one of its Directors Sanjeev Aga has sold his entire stake of 60,000 shares in the telecom firm for over Rs 68 lakh through market sale.

Aga sold 60,000 shares comprising 0.0018 per cent of the total share capital of the company for Rs 68,46,955 through market sale, the company said in a regulatory filing.

The share sale took place on March 28, 2013 on NSE, it added. Credited with launching Idea Cellular, Aga relinquished his position as the Managing Director of the company with effect from April 1, 2011. He continues as a director on the board of the company. Himanshu Kapania took over as Managing Director replacing Aga.

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He was appointed Managing Director of Idea Cellular for a period of five years effective from November 1, 2006. In November 1998, Aga was appointed as CEO of the Aditya Birla Group's telecom JV, Birla AT&T Ltd.

He led the company through a period of fast-paced change, through expansion and acquisition, and merger with Tata Cellular, to be CEO of what became Idea Cellular. From May 2005 until October 2006, Aga was Managing Director of Aditya Birla Nuvo Ltd, a diversified conglomerate with manufacturing and service sector businesses.