India Securities extends deadline for merger with Essar

The deadline for the proposed merger of the Essar group’s stake in Vodafone Essar with India Securities has been extended.

In a stock exchange announcement, India Securities said it fixed the last date for all requisite approvals for the merger scheme with Essar Telecommunications Holdings, to September 30, 2011. The decision was taken at a board meeting yesterday. The earlier deadline was scheduled to end on March 31.

According to the deal, Essar has has an option of selling its stake to Vodafone either at a fixed amount or a at market determined value. Both of the parties have appointed three banker-UBS, Goldman Sachs and Standard Chartered for the valuation. The option window expires in May.