Idea-Vodafone deal gets conditional go-ahead from Sebi, bourses

Idea has submitted a voluntary undertaking stating that it will comply with the directions of Sebi

Sebi and exchanges have given a conditional go-ahead to the $23 billion merger deal between Idea Cellular and Vodafone India, which would be subject to the outcome of an ongoing probe by the regulator and approvals from public shareholders and NCLT.

The multi-layered deal was announced in March and recently got clearance from the fair trade regulator CCI.

In their 'no-objection' letters on "draft composite scheme of amalgamation and arrangement among Vodafone Mobile Services, Vodafone India and Idea Cellular and their respective shareholders and creditors", BSE and NSE said that all the conditions put forth by the regulator need to