The demand will be raised from Vodafone India before its merger with Idea Cellular
Shares of Idea CellularNSE -5.95 % fall over 3 per cent in early trade on Monday after reports that the mega-merger deal of the company with Vodafone India may not meet the expected June 30 timeline as the telecom department is looking to raise a fresh demand of around Rs 4,700 crore.
The scrip was trading 3.30 per cent down at Rs 58.55 at around 9.20 am (IST). Shares of the company opened at Rs 60.05 and touched a high and low of Rs 60.05 and Rs 57.80, respectively, in trade so far. Benchmark BSE Sensex was down 50 points, or 0.14 per cent, at 35,639 at around the same time.
The demand will be raised from Vodafone India before its merger with Idea Cellular.
Vodafone India had merged its all arm into one company and there are dues of around Rs 4,700 crore related to one-time spectrum charges (OTSC) on the company. DoT will ask Vodafone to either clear dues or furnish bank guarantee before merger with Idea,” an official source told PTI.
In 2015, Vodafone had merged its four subsidiaries Vodafone East, Vodafone South, Vodafone Cellular and Vodafone Digilink with Vodafone Mobile Services, which is now called Vodafone India.
Both Idea and Vodafone were expecting the merger deal to create India’s largest telecom company to be completed by June 30, 2018.
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