Moneycontrol
Oct 13, 2017 06:31 PM IST | Source: PTI

Idea shares jump 6%; mcap surges by Rs 1,594 cr

The stock jumped 5.91 percent to end at Rs 78.90 on BSE. During the day, it soared 8 percent to Rs 80.50.

Idea shares jump 6%; mcap surges by Rs 1,594 cr

Shares of Idea Cellular soared nearly 6 percent today after shareholders of the telecom operator approved the scheme relating to the merger of its mobile business with Vodafone India.

The stock jumped 5.91 percent to end at Rs 78.90 on BSE. During the day, it soared 8 percent to Rs 80.50. At NSE, shares of the company zoomed 5.83 percent to close at Rs 78.90. The company's market valuation rose by Rs 1,593.6 crore to Rs 28,460.60 crore.

In terms of equity volume, 34.25 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day. Over 99 percent of Idea shareholders voted in favour of the merger at the shareholders' meeting on October 12, 2017, the filing by the Aditya Birla group firm stated today.

Earlier this year, Vodafone India and Idea Cellular had agreed to merge their operations to create the country's largest telecom operator worth of more than USD 23 billion with a 35 percent market share.
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