Idea Vodafone merger meet on October 12

MUMBAI: Idea Cellular has called for a meeting of its shareholders and secured and unsecured creditors to seek approval for its proposed merger with Vodafone India on October 12, in accordance with directives of the National Company Law Tribunal (NCLT). The meeting will be held in Gandhinagar, the telco told stock exchanges in a statement on Friday. Idea shares traded at Rs 79.75, down by 1.24% on BSE on Friday.

The announcement of the meeting of shareholders and creditors came after trading hours. The merger will lead to alignment of sales and service channels and pooling in of resources will add to general and administrative cost reduction, said Idea’s statement.