Idea Cellular surges 16% after it pays Rs 72 billion with Vodafone to DoT

Idea Cellular has surged 16% to Rs 61.10 on back of heavy volumes after the company and Vodafone deposited a total Rs 72 billion over the spectrum charge demand made by the DoT.

Shares of Idea Cellular have surged 16% to Rs 61.10 per share on the BSE on the back of heavy volumes in anticipation that the merger with Vodafone is likely to be approved in the next few days.

According to Business Standard report, Idea Cellular and Vodafone have deposited a total Rs 72 billion over the spectrum charge demand made by the Department of Telecommunications (DoT) for merging their mobile business.

With the financial dues out of the way, the merger of Vodafone and Idea Cellular is likely to be approved in the next few days, the report