ZEE Business
ZEE BUSINESS
Live TV
Live TV
  • India
    • Economy
    • Politics
    • Markets
  • World
    • Economy
    • Politics
    • Markets
  • Companies
    • Auto
    • Banking & Financial Services
    • Pharma
    • Energy
    • Infrastructure
    • Media
    • IT
    • Telecom
    • Consumer Products
    • Aviation
    • FMCG
  • Market
    • Mutual Funds
    • Commodity
  • Personal Finance
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
  • Technology
  • Automobile
    • Cars
    • Bikes
  • Small Business
    • SME
    • Startups
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
    • AUTHORS
Home » Companies News

NCLT approves Idea-Vodafone merger proposal; shares erase losses

NCLT has approved Idea-Vodafone $23 billion merger deal.  

  • Twitter
  • Facebook
  • GPlus
NCLT approves Idea-Vodafone merger proposal; shares erase losses
Idea shares erased losses and rose as much as 2.9% on BSE Sensex. Image Source: Idea ad/ Youtube
By ZeeBiz WebTeam
Updated: Fri, Jan 12, 2018
03:56 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Idea-Vodafone entity to get the show on the road by April? Idea-Vodafone entity to get the show on the road by April?
What Rs 6,750 crore investment means for Idea-Vodafone entity; shares up over 8% on Sensex What Rs 6,750 crore investment means for Idea-Vodafone entity; shares up over 8% on Sensex
Idea-Vodafone merger likely to be completed by March Idea-Vodafone merger likely to be completed by March
Merger with Idea Cellular on track for completion in 2018, Vodafone CEO says Merger with Idea Cellular on track for completion in 2018, Vodafone CEO says
Kumar Birla says keen to enter ARC business, awaiting RBI nod Kumar Birla says keen to enter ARC business, awaiting RBI nod

National Company Law Tribunal’s Ahmedabad bench approved the merger plan between Vodafone and Idea Cellular.

“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.

“Considering the entire facts and circumstances of the case and on perusal of the Scheme and the proceedings, it appears that the requirements of the provisions of sections 230-232 of the Companies Act, 2013 are satisfied. The scheme is genuine and bona fide and in the interest of the shareholders and creditors,” NCLT said on Thursday.

Idea shares erased losses and rose as much as 2.9% on BSE Sensex. Shares closed up 1.35% or 1.45 points to Rs 108.60 apiece on the BSE Sensex.

The Tribunal has approved consolidation of the telecommunications business and higher spectrum availability between the companies.

Vodafone promoters will hold a minimum of 45.1% shareholding while Idea Cellular promoters will hold 26%, the report read.

Idea-Vodafone merger has also received the approval of the Competition Commission of India.

Securities and Exchange Board of India (SEBI) gave its conditional approval to the merger last year, subject to approval from shareholders and NCLT, which have now been received.

Post-merger, the Idea-Vodafone entity is expected to surpass Bharti Airtel and create the largest telecom firm in India with a little over 40 crore subscribers.

The $23 billion merger deal between the two operators was estimated to come to a close in the first half of 2018.

TAGS:
Idea-Vodafone mergerNCLT approvalIdea Cellular sharesTelecom
Next Article

NEXT STORY: Pepperfry partners with Quikr to boost furniture exchange program

RELATED NEWS
Idea-Vodafone entity to get the show on the road by April? Idea-Vodafone entity to get the show on the road by April?
What Rs 6,750 crore investment means for Idea-Vodafone entity; shares up over 8% on Sensex What Rs 6,750 crore investment means for Idea-Vodafone entity; shares up over 8% on Sensex
Idea-Vodafone merger likely to be completed by March Idea-Vodafone merger likely to be completed by March
Merger with Idea Cellular on track for completion in 2018, Vodafone CEO says Merger with Idea Cellular on track for completion in 2018, Vodafone CEO says
Kumar Birla says keen to enter ARC business, awaiting RBI nod Kumar Birla says keen to enter ARC business, awaiting RBI nod

LATEST NEWS

TCS all set to be India's first $100 bn company; as shares surge, investors richer by Rs 41,301 cr

Chris Wood GREED and Fear CLSA report: India best long-term story; 5 key takeaways

Income tax returns (ITR) filing: Pay cut in offing unless you do this one thing quickly

India's growth momentum must continue despite elections: IMF

UPSC Recruitment 2018: Notification for vacancies out, check upsc.gov.in and upsconline.nic.in

Oil recovers after sliding on Trump tweet criticizing OPEC

Wow! Indian Railways first underground station for high speed rail link in Mumbai looks like this

How to make more money? Here is an option better than fixed deposits or even MIPs

CBSE 10th result 2018: Big relief for students, board offers compensation

Huawei P20 Pro, P20 Lite launch gets India deadline: Price, specs and features here

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Contact Us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • Amazon Prime Day
  • Income Tax
  • Bharti Airtel
  • NPA
  • Home Loan

Trending Topics

  • Farm Loans
  • 7th Pay Commission
  • Sanitary Pads
  • National Stock Exchange
  • GST

Follow us on

zeebiz
zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved