Idea Cellular has filed for an approval of its merger with Vodafone India and Vodafone Mobile Services to the National Company Law Tribunal (NCLT), Ahmedabad after it received clearances from competition commission of India (CCI) and Sebi.
The company has informed the bourses for the same and stated that it received CCI approval on 24th July and Sebi nod on 4th of August. The shares of Idea Cellular were trading a Rs 92.30, about 0.8 percent lower than the previous day’s close in the morning hours.
Sebi and stock exchanges in their no-objection letters on the scheme of arrangement among Vodafone Mobile Services, Vodafone India and Idea Cellular and their respective shareholders and creditors, the exchange said that all the conditions put forth by the regulator need to be placed before the NCLT while seeking its nod.
The regulator said Idea has given a voluntary undertaking to Sebi that it would not dispose of the shares ,which were purchased by one of its promoters before the merger announcement, till further directions from Sebi.
By Baishakhi Dutta