Idea Cellular Board Approves Merger With Vodafone India

Bloomberg Quint
Aditya Birla group's telecom arm Idea Cellular Ltd. approved the merger of Vodafone India Ltd. and Vodafone Mobile Services Ltd. with itself, in a deal that will create India's largest mobile services operator. Vodafone will hold 45. 1 percent of the merged entity, while Idea's promoters will hold 26 percent, according to a filing to the stock exchanges. Vodafone will transfer 4. 9 percent stake to Idea's promoters for Rs 3,874 crore. Post the completion of amalgamation, promoters of Idea will have the right to acquire 9. 5 percent additional stake from Vodafone. The British telecom giant will have the right to reduce its holding in order to equalise its ownership with that of promoters of Idea after four years.
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