Idea Cellular soars, CCI okays merger with Vodafone
The stock of Idea Cellular soared by over 4% on Tuesday after the company received the Competition Commission of India’s (CCI) approval for its proposed merger with Vodafone Mobile services Limited, the company informed the bourses in a filing.
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 stock was trading at Rs 95.80, up by 4.30% on BSE at 0939 hours. It touched its intraday high and low at Rs 96.90 and Rs 93.25, respectively.
Its 52-week high stood at Rs 123.75 and low at Rs 66, respectively.
The stock attracted a total traded volume of 75,88,677 shares and traded value of Rs 7,280.58 lakh.
IDEA Cellular is India’s 3rd largest national mobile operator, with nearly 200 million subscribers.
Idea Cellular Ltd is currently trading at Rs 95.9, up by Rs 4.05 or 4.41% from its previous closing of Rs 91.85 on the BSE.
The scrip opened at Rs 95 and has touched a high and low of Rs 96.9 and Rs 93.25 respectively. So far 14014038(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 33124.89 crore.
The BSE group ‘A’ stock of face value Rs 10 has touched a 52 week high of Rs 123.75 on 20-Mar-2017 and a 52 week low of Rs 66 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 96.5 and Rs 86.65 respectively.
The promoters holding in the company stood at 42.39 % while Institutions and Non-Institutions held 34.68 % and 22.93 % respectively.