The Tata Tele-Bharti Airtel deal is positive for both the sides as it will help improve the largest telco's credit profile since its coming with no financial burden and minus any asset, said a report today.
Shares of Idea Cellular soared nearly 6 per cent today after shareholders of the telecom operator approved the scheme relating to the merger of its mobile business with Vodafone India. The stock jumped 5.91 per cent to end at Rs 78.90 on BSE. During the day, it soared 8 per cent to Rs 80.50. At NSE, shares of the company zoomed 5.83 per cent to close at Rs 78.90. The company’s market valuation rose by Rs 1,593.6 crore to Rs 28,460.60 crore. In terms of equity volume, 34.25 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day. Over 99 per cent of Idea shareholders voted in favour of the merger at the shareholders’ meeting on October 12, 2017, the filing by the Aditya Birla group firm stated today. Earlier this year, Vodafone India and Idea Cellular had agreed to merge their operations to create the country’s largest telecom operator worth of more than USD 23 billion with a 35 per cent market share.