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Idea Cellular jumps 26% on merger talks with Vodafone


Shares of Idea Cellular surged a

massive 26 per cent on the bourses today after the global

telecom giant Vodafone confirmed that it is in discussion to

merge its India mobile business with Aditya Birla group firm.

On BSE, the stock jumped 25.90 per cent to close at Rs

97.95. During the day, it gained 29.2 per cent to Rs 100.50.

The scrip settled at Rs 98, up 25.64 per cent on NSE.

Following the rally, the market capitalisation of Idea

Cellular rose by Rs 7,257.41 crore to Rs 35,278.55 crore.

On the volume front, 1.53 crore shares were traded on BSE

while 15.48 crore scrips changed hands on NSE.

Rival Bharti Airtel ended the day on BSE at Rs 347.65, up

7.48 per cent. On NSE, it settled the day up 7 per cent at Rs


In a BSE filing, Idea Cellular said it constantly

evaluates various opportunities to enhance stakeholders’


“As part of the exercise, the company has been in

preliminary discussions with Vodafone,” it said.

Idea emphasised that the fundamental premise of

preliminary discussion is based on “equal rights” between the

Aditya Birla group and Vodafone in the combined entity.

“In view of the fact that the discussion is at preliminary

stage, the company is not in a position to share any further

details… Further, there is no certainty that the discussion

with them will result in any agreement,” the company said.

“Vodafone confirms that it is in discussions with the

Aditya Birla group about an all-share merger of Vodafone India

(excluding Vodafone’s 42 per cent stake in Indus Towers) and

Idea,” Vodafone said in a statement.

Any merger will be effected through issuance of new shares

in Idea to Vodafone and would result in de-consolidation of

Vodafone India, it added.

(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)