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Idea Gets NCLT Nod for Merger With Vodafone
13 January 2018, 04:03 | Edward Lowe
Idea-Vodafone Deal: NCLT Gives Nod To The $23 Billion Merger
Idea Cellular on Friday said that National Company Law Tribunal (NCLT) has approved its merger deal with telecom major Vodafone. The merger deal worth $23 billion was proposed back in March 2017 and is now India's largest M&A deal. On July 24 the CCI gave its approval to the merger of two telecom companies.
"The scheme is genuine, bona fide and in the interest of the creditors and the shareholders", said the NCLT Ahmedabad bench. Vodafone is awaiting its approval from the NCLT -Mumbai bench. As stated, if DoT approves the merger, both the telcos can merge the operations. The deal is slated to India's largest mobile phone operator worth more than $23 billion with a 35 per cent of the total market share.
Securities and Exchange Board of India (SEBI) gave its conditional approval to the merger past year, subject to approval from shareholders and NCLT, which have now been received.
Vodafone India is expected to hold around 47.5 percent share in the new entity, while the rest will be owned by Idea Cellular and promoter Aditya Birla Group (AB Group).
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The proposed merger of Vodafone India and Idea will create an entity with a revenue of around Rs 77,500-80,000 crore besides eliminating duplication of spectrum and infrastructure capex, as per India Ratings and Research.
The court documents confirmed that Vodafone India will hold a minimum of 45.1% of the combined company, with Idea Cellular holding a minimum of 26%.
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The stock has a market capitalization of $166,890.00, a price-to-earnings ratio of 24.15, a PEG ratio of 3.11 and a beta of 0.68. Cincinnati Financial owns 0.6% invested in Pepsico, Inc. (NASDAQ:PEP) for 80,207 shares. 535 were accumulated by Ruggie Gp.