Idea Cellular gained nearly 15% in first 5 minutes of the trade but later pared some gains to trade 6% higher after media reports that the company has approved merger with Vodafone India. According to reports, Idea Cellular will hold 25% stake in the merged company.
a. Creation of largest Indian telecom operator with widest mobile network in the country and pan India 3G/4G footprint
Idea Cellular on Monday approved the merger with Vodafone and Vodafone Mobile Services Limited.
In a BSE filing, Idea Celluar announced its approval of amalgamation of Vodafone India Ltd (VIL) and its wholly owned subsidiary Vodafone Mobile Services Limited (VMSL) with the company subject to receipt of necessary approvals of shareholders, creditors, SEBI, RBI and other governmental authorities. Read more