Vodafone: Aditya Birla to Buy 2.5% of Merged Vodafone India, Idea Cellular
04 Gennaio 2018 - 10:53AM
Dow Jones News
By Adria Calatayud
Vodafone Group PLC (VOD.LN) said Thursday that Aditya Birla
Capital Ltd. (540691.BY) will buy a minimum stake of 2.5% of the
entity resulting from the merger of Vodafone's Indian operations
with Idea Cellular Ltd. (532822.BY).
Vodafone said it will receive minimum proceeds of 256 million
euros ($308.0 million) from the sale, and that its ownership in the
combined entity is expected to be approximately 47.5% at completion
of the merger.
The merger of Vodafone India with Idea--the country's second and
third-largest mobile operators, respectively--was announced in
March 2017.
The purchase of the 2.5% interest by Aditya follows the increase
in its ownership in Idea to 47% from 42%, as a result of a
fundraising by the Indian carrier, Vodafone said.
Under the original merger agreement, Aditya is expected to reach
a shareholding of 26% in the merged entity, Vodafone said.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
January 04, 2018 04:38 ET (09:38 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Grafico Azioni Vodafone (NASDAQ:VOD)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Vodafone (NASDAQ:VOD)
Storico
Da Apr 2023 a Apr 2024