Idea Cellular surges 7% after CCI approved merger with Vodafone

The stock surged 7% to Rs 98.30 on BSE on back of heavy volumes

Idea Cellular surged 7% to Rs 98.30 on BSE on back of heavy volumes after the Competition Commission of India (CCI) on Monday approved the merger with Vodafone India.

“The company is pleased to confirm receipt of the letter from the Competition Commission of India dated 24th July 2017, according approval to the proposed merger of Vodafone India, Vodafone Mobile Services Limited, and Idea Cellular under sub section (1) of section 31 of the Act,” Idea Cellular said in a BSE filing.

The transaction is expected to close during calendar year 2018 subject to customary approvals, it added.