Idea Cellular has received an approval for sale of the company's standalone tower business held by its wholly-owned subsidiary, Idea Cellular Infrastructure Services (ICISL) to ATC Telecom Infrastructure. The board of directors at its meeting held on November 13, 2017 has approved for the same.

The sale of the company's standalone tower business will be achieved through the sale of the entire shareholding of ICISL by the company comprising 60,000 equity shares of Rs 10 each to ATC, for an enterprise value of Rs 4,000 crore, which at completion of the transaction would be subject to customary closing adjustments including for debt and cash. The board of directors of the company has also approved the execution of a Share Purchase Agreement amongst ATC, the company and ICISL.

The purchaser is a majority owned subsidiary of American Tower Corporation. American Tower Corporation is one of the largest global REITs, a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 149,000 communications sites.

Shares of the company declined Rs 2.65, or 2.73%, to trade at Rs 94.40 at the BSE (Monday).