 "Birlas can’t sell part stake in Idea till Sebi clean chit")
The promoters of Idea Cellular have given an undertaking to the Securities and Exchange Board of India (Sebi), that they will not sell their 0.23 per cent stake in the telecom company which they acquired just before the announcement of a merger with Vodafone India.
The undertaking to the capital market regulator came after it began a probe into the acquisition of an additional stake by Idea Cellular’s promoters in the December quarter last year, which, according to a Sebi observation, was in violation of securities laws.
The merger was announced in March and would catapult the Idea-Vodafone merged entity
