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Sebi seeks clarification over Idea-Vodafone merger

Press Trust of India  |  New Delhi 

Market regulator has sought clarification from firm regarding its proposed with Vodafone Plc's Indian unit.

Besides, the companies approached the Competition Commission of (CCI) last month regarding the proposed and are awaiting the fair trade regulator's nod in this regard.

In March, Vodafone and announced of their operations to create the country's largest mobile phone operator worth more than USD 23 billion with a 35 per cent market share.

As part of the proposal, the British firm will own 45.1 per cent of the merged entity while the Aditya Birla group, Idea's parent company, will hold 26 per cent after paying Rs 3,874 crore for a 4.9 per cent stake.

The remaining 28.9 per cent will be held by other shareholders.

had sought approval from the Securities and Exchange Board of (Sebi) in April for the proposed merger.

The market regulator has asked for clarifications from the merchant banker involved in the planned Idea-Vodafone merger, as per the latest update. The clarifications being sought by could not be ascertained.

An e-mail sent to Idea in this regard did not elicit any response.

Earlier, Idea said a joint notification has been filed with the CCI and the Scheme of Arrangement has been filed with and stock exchanges for their approvals.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 18 2017. 15:57 IST