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Idea cuts gains to end 10% lower after board clears merger with Vodafone

Other telecom stocks like Bharti Airtel, Reliance Communications and Reliance Industries end flat

SI Reporter  |  Mumbai 

idea, vodafone, merger

Shares of turned volatile after the company said its board has approved the scheme of amalgamation of India and its wholly owned subsidiary Mobile Services with the company.

The stock rallied 15% to Rs 124 in the early trade only to settle the trade 10% down at Rs 97 on the NSE. 
 
Since January 27, 2017, has zoomed 44% after reportedly confirmed that it is in talks with The stock trading close to its 52-week high of Rs 128 touched on April 28, 2016 in intra-day trade.

Since January 27, 2017, has zoomed 44% after reportedly confirmed that it is in talks with The stock trading close to its 52-week high of Rs 128 touched on April 28, 2016 in intra-day trade.

Meanwhile, other telecom stocks like Bharti Airtel, Reliance Communications and Reliance Industries ended flat on the BSE.

said to own 45.1% of combined company after transferring a stake of around 4.9% to Idea promoters for Rs 3,874 crore in cash concurrent with the completion of the amalgamation.

The Aditya Birla Group, promoters of Idea Cellular, will then owns 26% and has the right to acquire more shares from under an agreed mechanism with a view to equalising the shareholdings over time, it added.

“This landmark combination will enable the Aditya Birla Group to create high quality digital infrastructure that will transition the Indian population towards a digital lifestyle and make the Government’s Digital India vision a reality,” said Aditya Birla Group Chairman, Kumar Mangalam Birla.

The transaction is expected to close during calendar year 2018, subject to customary approvals.

Company 27/01/2017 17/03/2017 % chg LTP % chg
Idea Cellular 77.80 107.90 38.69 111.80 3.61
Rel. Comm. 30.90 38.25 23.79 38.60 0.92
Bharti Airtel 323.45 346.80 7.22 347.45 0.19
Reliance Inds. 1025.15 1300.65 26.87 1299.60 -0.08
           
Sensex 27882.46 29648.99 6.34 29536.05 -0.38
           
LTP : Last traded price on BSE in Rs at 09:51 am

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Idea cuts gains to end 10% lower after board clears merger with Vodafone

Other telecom stocks like Bharti Airtel, Reliance Communications and Reliance Industries end flat

The stock was up 3.6% at Rs 112, after surging 15% to Rs 124 in early morning trade on BSE.
Shares of turned volatile after the company said its board has approved the scheme of amalgamation of India and its wholly owned subsidiary Mobile Services with the company.

The stock rallied 15% to Rs 124 in the early trade only to settle the trade 10% down at Rs 97 on the NSE. 
 
Since January 27, 2017, has zoomed 44% after reportedly confirmed that it is in talks with The stock trading close to its 52-week high of Rs 128 touched on April 28, 2016 in intra-day trade.

Since January 27, 2017, has zoomed 44% after reportedly confirmed that it is in talks with The stock trading close to its 52-week high of Rs 128 touched on April 28, 2016 in intra-day trade.

Meanwhile, other telecom stocks like Bharti Airtel, Reliance Communications and Reliance Industries ended flat on the BSE.

said to own 45.1% of combined company after transferring a stake of around 4.9% to Idea promoters for Rs 3,874 crore in cash concurrent with the completion of the amalgamation.

The Aditya Birla Group, promoters of Idea Cellular, will then owns 26% and has the right to acquire more shares from under an agreed mechanism with a view to equalising the shareholdings over time, it added.

“This landmark combination will enable the Aditya Birla Group to create high quality digital infrastructure that will transition the Indian population towards a digital lifestyle and make the Government’s Digital India vision a reality,” said Aditya Birla Group Chairman, Kumar Mangalam Birla.

The transaction is expected to close during calendar year 2018, subject to customary approvals.

Company 27/01/2017 17/03/2017 % chg LTP % chg
Idea Cellular 77.80 107.90 38.69 111.80 3.61
Rel. Comm. 30.90 38.25 23.79 38.60 0.92
Bharti Airtel 323.45 346.80 7.22 347.45 0.19
Reliance Inds. 1025.15 1300.65 26.87 1299.60 -0.08
           
Sensex 27882.46 29648.99 6.34 29536.05 -0.38
           
LTP : Last traded price on BSE in Rs at 09:51 am

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Business Standard
177 22

Idea cuts gains to end 10% lower after board clears merger with Vodafone

Other telecom stocks like Bharti Airtel, Reliance Communications and Reliance Industries end flat

Shares of turned volatile after the company said its board has approved the scheme of amalgamation of India and its wholly owned subsidiary Mobile Services with the company.

The stock rallied 15% to Rs 124 in the early trade only to settle the trade 10% down at Rs 97 on the NSE. 
 
Since January 27, 2017, has zoomed 44% after reportedly confirmed that it is in talks with The stock trading close to its 52-week high of Rs 128 touched on April 28, 2016 in intra-day trade.

Since January 27, 2017, has zoomed 44% after reportedly confirmed that it is in talks with The stock trading close to its 52-week high of Rs 128 touched on April 28, 2016 in intra-day trade.

Meanwhile, other telecom stocks like Bharti Airtel, Reliance Communications and Reliance Industries ended flat on the BSE.

said to own 45.1% of combined company after transferring a stake of around 4.9% to Idea promoters for Rs 3,874 crore in cash concurrent with the completion of the amalgamation.

The Aditya Birla Group, promoters of Idea Cellular, will then owns 26% and has the right to acquire more shares from under an agreed mechanism with a view to equalising the shareholdings over time, it added.

“This landmark combination will enable the Aditya Birla Group to create high quality digital infrastructure that will transition the Indian population towards a digital lifestyle and make the Government’s Digital India vision a reality,” said Aditya Birla Group Chairman, Kumar Mangalam Birla.

The transaction is expected to close during calendar year 2018, subject to customary approvals.

Company 27/01/2017 17/03/2017 % chg LTP % chg
Idea Cellular 77.80 107.90 38.69 111.80 3.61
Rel. Comm. 30.90 38.25 23.79 38.60 0.92
Bharti Airtel 323.45 346.80 7.22 347.45 0.19
Reliance Inds. 1025.15 1300.65 26.87 1299.60 -0.08
           
Sensex 27882.46 29648.99 6.34 29536.05 -0.38
           
LTP : Last traded price on BSE in Rs at 09:51 am

image
Business Standard
177 22