New Delhi : Market regulator Sebi has sought clarification from Aditya Birla Group firm Idea Cellular regarding its proposed merger with Vodafone Plc’s Indian unit.
Besides, the companies approached the Competition Commission of India (CCI) last month regarding the proposed merger and are awaiting the fair trade regulator’s nod in this regard. In March, Vodafone India and Idea Cellular announced merger of their operations to create the country’s largest mobile phone operator worth more than USD 23 billion with a 35 per cent market share. As part of the proposal, the British firm will own 45.1 per cent of the merged entity while the Aditya Birla group, Idea’s parent company, will hold 26 per cent after paying Rs 3,874 crore for a 4.9 per cent stake. The remaining 28.9 per cent will be held by other shareholders, reports .