Idea Cellular stock spikes over 7 percent as CCI approves merger with Vodafone
DSIJ Intelligence / 25 Jul 2017
The stock of Idea Cellular spiked over 7% on the BSE, extending its morning gains as the company received the Competition Commission of India’s (CCI) approval for its proposed merger with Vodafone Mobile Services Limited.
During Tuesday’s trade, the stock of Idea Cellular spiked over 7% on the BSE, extending its morning gains as the company received the Competition Commission of India’s (CCI) approval for its proposed merger with Vodafone Mobile Services Limited.
The transaction is expected to close during the calendar year 2018 subject to customary approvals. Post the merger, the combined entity will have a subscriber base of nearly 400 million and 41% revenue market share in the Indian telecom sector, the company said in a BSE filing.
The company’s share price rose 4.68% in first half of Tuesday’s session. At Rs 98.80, the stock was trading up by Rs 6.95 or 7.57% as of 1302 hours on the BSE. It touched its intraday high and low of Rs 99.60 and Rs 93.25, respectively.
The stock attracted a total traded volume of 3,49,03,947 shares and traded value of Rs 33,888.24 lakh on the NSE.
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