IndiaCatalog.com
India News
Search Web Directory
News Home
NCLT approves Idea-Vodafone merger
Posted on 13th January 2018
New Delhi: The National Company Law Tribunal has approved the proposed merger between Vodafone India Ltd and Idea Cellular Ltd to create India’s largest mobile wireless company, the latter said in a filing to the stock exchanges on Friday.

The two companies now require only the Department of Telecommunications’s approval to proceed with the merger, having already received the green signal from both the antitrust watchdog Competition Commission of India and the Securities and Exchange Board of India, in July. The merger will create the world’s second largest and India’s largest telco, overtaking Bharti Airtel Ltd.

It will have almost 400 million customers with 35% customer and 41% revenue market share. It will have revenue of Rs81,600 crore and an operating profit of Rs24,400 crore.

Vodafone Group and the Aditya Birla Group in March 2017 announced the merger, aimed at dominating a market that Mukesh Ambani’s Reliance Jio Infocomm Ltd had disrupted with free voice calls and low data prices following its commercial launch in September 2016.

The merger agreement is based on equal rights and equal shareholding between Idea Cellular’s promoters and Vodafone Group.

To achieve this, Vodafone has kept its 42% stake in Indus Towers Ltd, valued at around $5 billion, out of the deal’s purview. It can also contribute Rs2,500 crore more as debt into the merged entity.

Promoters of Idea Cellular Ltd on 4 January said they will invest Rs3,250 crore and the company plans to raise a similar amount to strengthen its balance sheet.

As a result of a change in Idea’s shareholding following the proposed capital raising, Aditya Birla Group and Vodafone agreed that the former will buy a minimum of 2.5% of the merged entity from Vodafone, or such stake as is required in order for it to ultimately own at least 26% of the merged entity, Vodafone said in a statement 4 January.

“Consequently, Vodafone will receive minimum proceeds of Rs1,960 crore (€256 million) from such sale and Vodafone’s ownership in the combined entity is expected to be approximately 47.5% at completion,” it said.

Idea Cellular shares rose 1.35% on Friday to close at Rs108.60 on the BSE on a day the benchmark Sensex gained 0.26% to 34,592.39 points.

Related Companies: IDEA Cellular Limited   

Other Latest News
Anil Ambani-led RCom moves Supreme Court against DoT
Posted on 13th December 2018
Reliance Communications and its subsidiary Reliance Telecom on Thursday moved the Supreme Court, asking it to initiate appropriate contempt proceedings against the department of telecommunications (DoT) for “wilfully and deliberately disobeying” its November 30 order that directed DoT to grant no objection certificate (NoC) to the firms by December 7 to trade its spectrum with Reliance Jio Infocomm.

SEBI board meet outcome: 3 big reforms from mutual fund risk management to start up listing
Posted on 13th December 2018
In a series of reforms, market regulator SEBI has allowed mutual funds “to allow mutual funds to create segregated portfolios with respect to debt and money market instruments subject to various safeguards”. The creation of segregated portfolios is a mechanism which is followed to separate distressed, illiquid and hard-to-value assets from other more liquid assets in a portfolio. SEBI has also cleared easing of norms to start startup listings.

Rajasthan High Court stays arrest of Twitter CEO Jack Dorsey
Posted on 13th December 2018
The Rajasthan High Court has put stay on the arrest of Twitter CEO Jack Dorsey, but has refused to cancel the FIR lodged against him.

An FIR was filed at the Basni police station by Rajkumar Sharma against Dorsey for hurting the sentiments of Brahmin community after his photo holding the slogan after his photo holding the slogan “Smash Brahminical Patriarchy” went viral.


Your debit, credit cards may get blocked from December 31, here's why
Posted on 13th December 2018
You might have recieved a message from your respective bank lately to upgrade your debit and credit cards. But if you ignored the message, then you are in some rude shock after December 31.

If you are thinking what do you need to do avoid the same then let us tell you that the Reserve Bank of India in order to protect the customers from fradulent transactions had issued guidelines to to change Magstripe Debit Cards to EMV Chip Debit Cards by the end of 2018.


Solar installations see 4% drop in Q3 due to lack of clarity around GST
Posted on 13th December 2018
The Indian solar market installed 1,589 MW (mega watt) in the third quarter of 2018. Installations declined by four per cent compared to 1,659 MW in the second quarter of 2018, while a year ago (Q3 2017) it was 2,278 MW.

Large-scale installations during the third quarter of 2018 totalled 1,154 MW compared to 1,244 MW in second quarter 2018 and 2,013 MW in Q3 2017, according to Mercom India Research report.


» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for NCLT approves Idea-Vodafone merger
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for NCLT approves Idea-Vodafone merger

Most Read News

Infosys inaugurates new technology hub in US, hires over 7,000 workers

Tata Nexon gets 5 stars for safety from NCAP

Biggest Indian IT deal! HCL Tech buys select assets of IBM for $1.8 billion

PNB-led consortium takes Shriram factory possession

Gas theft case: HC seeks response from Reliance, others

More India News

Photo Gallery

Uttama Villain(12 Images) Uttama Villain
New York City(12 Images)New York City
  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2018 IndiaCatalog.com
    All Rights Reserved
Privacy Statement