Idea cellular stock jumps 3% as SEBI examines open offer norms
DSIJ Intelligence / 13 Jul 2017
The stock of Idea Cellular was trading at Rs 87.30, up by Rs 1.80 or 2.11% as at 1051 hours on Thursday, on the BSE.
Idea Cellular stock jumped nearly 3% in the early morning trade on Thursday,after reports emerged that the Securities and Exchange Board of India (SEBI) is monitoring whether the proposed merger between Vodafone India and the Idea Cellular will trigger an open offer under the takeover rules.
The stock of Idea Cellular was trading at Rs 87.30, up by Rs 1.80 or 2.11% as at 1051 hours on Thursday, on the BSE.
Vodafone will initially hold a 50% stake in the new entity, while the public shareholders and Aditya Birla Group will hold 28.9% and 21.1%, respectively, reported a national daily.
Vodafone will then divest a 4.9% stake to Aditya Birla Group, which will up the Aditya Birla Group’s stake to 26% from 21.1%, thus crossing the threshold for an open offer, added the report.
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