Shares of Idea Cellular jumped 7 per cent on Tuesday after the Competition Commission approved merger of Vodafone India and the company in a USD 23-billion deal that will create the country’s largest telecom operator.
The stock opened higher and soared further by 7 per cent to Rs 98.30 on BSE. At NSE, shares of the company surged 5.61 per cent to Rs 96.95.
Idea Cellular said the transaction is expected to close in 2018 subject to customary approvals.
Shardul Amarchand Mangaldas and Co, which advised Vodafone in the deal, said the regulator has “unconditionally” approved merger of the telecommunications businesses of Vodafone India and its wholly-owned subsidiary Vodafone Mobile Services, with Idea Cellular.
“The USD 23 billion transaction is the largest transaction by value in the history of Indian M&A,” it said in a statement yesterday.