SEBI gives conditional approval for Idea–Vodafone merger
DSIJ Intelligence / 08 Aug 2017
Capital markets regulator Security Exchange Board of India (SEBI) has given conditional approval to the merger proposal of Idea Cellular and Vodafone India, which would be subject to the outcome of an ongoing probe by the regulator and approvals from public shareholders and the National Company Law Tribunal (NCLT).
Capital markets regulator Security Exchange Board of India (SEBI) has given conditional approval to the merger proposal of Idea Cellular and Vodafone India, which would be subject to the outcome of an ongoing probe by the regulator and approvals from public shareholders and the National Company Law Tribunal (NCLT).
The market regulator said Idea has given a voluntary undertaking to SEBI that it will not dispose shares that were purchased by one of its promoters before the merger announcement till further directions from SEBI.
The regulator has asked Idea Cellular to disclose in the abridged prospectus and in the notice to shareholders the under risk factors—details about the risks associated with the outcome of the SEBI examination.
Meanwhile, the stock was trading higher by 0.97% at Rs 93 per share on the BSE at 0935 hours. It opened at Rs 95 per share.
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