Idea continues to zoom on demerger news
Bhagyashree Vivarekar / 15 Mar 2017
Idea Cellular, a telecom major is in talks to demerge its telecom business and sell majority stake to ATC. The stock zoomed 10% in intraday trade with the news.
A heavyweight telecom operator, Idea Cellular is said to be in talks to demerge its tower business portfolio and sell majority stake to ATC. Idea is yet to give any clarification on the same. However, the stock zoomed 10% to Rs 113.35 in intraday trade with the news.
Earlier, the stock had moved 54% after its merger with Vodafone was announced.
ATC, one of the world’s largest individual telecom tower entity is expected to close its deal with Idea for acquisition of its tower business. Currently, Idea has 9800 towers with 16549 tenants.
Aditya Birla Nuvo is already holding 23.25% stake in Idea. Apart from this, Hindalco holds 6.34% while Grasim holds 4.75% stake in the company.
The said demerger is said to be finalised before the culmination of the merger with Vodafone. ATC also is expected to merge Idea’s tower business with its India portfolio along with its acquired business in Viom.
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