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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.

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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.