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Vodafone, Idea Cellular announce merger to create India’s largest telco

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Tuskd    2,034
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New Delhi: India’s Idea Cellular Ltd and Vodafone India Ltd on Monday said that their respective boards have approved their merger, excluding Vodafone’s 42% stake in Indus Towers Ltd, to create India’s largest telecom company with a total revenue of over Rs80,000 crore.

In the beginning, Vodafone will be a dominant partner in the merged entity with 45.1% stake after it will transfer a stake of 4.9% to the Aditya Birla group for Rs3,874 crore in cash to complete the merger. Aditya Birla group will then own 26% stake in the company but it will have the right to acquire more shares from Vodafone under an agreed mechanism with a view to equalize the shareholding over time.

Source: http://www.livemint.com/Industry/4Uzl9W0xijFqmxGRIEwfpM/Vodafone-Idea-Cellular-announce-merger.html

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