Idea Cellular says NCLT sanctioned its merger with Vodafone

Idea Gets NCLT Nod for Merger With Vodafone

Idea Gets NCLT Nod for Merger With Vodafone

The National Company Law Tribunal has approved the proposed merger between Idea Cellular and Vodafone - a move that brings both the companies closer to culminating the deal.

"We wish to inform you that the Hon'ble National Company Law Tribunal, Bench at Ahmedabad, vide its order dated 11th January, 2018, has sanctioned the Composite Scheme of Amalgamation and Arrangement among Vodafone Mobile Services Limited and Vodafone India Limited and Idea Cellular Limited and their respective shareholders and creditors under Sections 230 and 232 and other applicable provisions of the Companies Act 2013", Idea Cellular said in a BSE filing.

In October, Idea shareholders voted in favour of the merger.

After the merger of two telecom companies, Idea and Vodafone will jointly have over 400 million mobile subscribers and together account for the largest share of the Indian telecom segment, reports PTI quoting latest data published by the Telecom Regulatory Authority of India (TRAI).

The deal gives Vodafone India an implied enterprise value of Rs 82,800 crore and Idea Rs 72,200 crore. The merger will be completed by March 2018.

Both telcos have received nods from SEBI, shareholders, Competition Commission of India (CCI) and will have to get clearances from the Department of Telecommunications (DoT). Idea's promoters will hold 26 per cent stake in the company; the remaining will be held by the public.

Vodafone is expected to hold around 47.5 percent stake in the merged entity and rest will be owned by Idea and promoter Aditya Birla Group.

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