Shares of Idea Cellular rose by 6.5 per cent today after the Competition Commission approved merger of Vodafone India and the company in a USD 23-billion deal that will create the country's largest telecom operator.
The stock surged 6.48 per cent to close at Rs 97.80 on BSE. Intra-day, it soared 8.43 per cent to Rs 99.60.
At NSE, shares of the company went up sharply by 6.42 per cent to close at Rs 97.70.
The company's market valuation went up by Rs 2,143.44 crore to Rs 35,267.44 crore.
In terms of volume, 49.67 lakh shares of the company were traded on BSE and over 5 crore shares changed hands at NSE during the day.
Idea Cellular said the transaction is expected to close in 2018 subject to customary approvals.
Shardul Amarchand Mangaldas and Co, which advised Vodafone in the deal, said the regulator has "unconditionally" approved merger of the telecommunications businesses of Vodafone India and its wholly-owned subsidiary Vodafone Mobile Services, with Idea Cellular.
"The USD 23 billion transaction is the largest transaction by value in the history of Indian M&A," it said in a statement yesterday.
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