Shareholders of Idea Cellular Limited on Thursday approved the company’s proposed merger of its mobile business with Vodafone India, the Aditya Birla Group company said on Friday. After the news, the shares of Idea Cellular shot up on the National Stock Exchange, and ended the day 5.9% higher at Rs 78.95.
Over 99.9% of the shareholders voted in favour of the merger at a meeting on Thursday after an order from the National Company Law Tribunal. The two companies now need a final approval from the Department of Telecom.
In March, the boards of both companies had approved the proposed merger between Idea Cellular and Vodafone India. The merger is expected to create the country’s largest telecom company, with Rs 80,000 crore in revenue.