Nuvo to pay Rs 1,373cr for 15% Idea stake

The board of directors of Aditya Birla Nuvo, which met today, has authorised the company to acquire either by itself and/or with its subsidiaries 3389.29 lakh equity shares, representing 15% of the equity capital of Idea Cellular, for Rs 1,373 crore.

According to a release issued by Aditya Birla Nuvo to the BSE today, after the conclusion of the transactions, the equity holding of the company and its subsidiaries in Idea Cellular will increase from 20.74% to 35.74%.