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NEW DELHI: Shares of Idea Cellular rallied nearly 12 per cent in Wednesday’s trading amid reports the third-largest domestic telecom operator has introduced a new scheme called ‘Idea Select’ for both prepaid and postpaid customers.According to an ET Telecom report, the service comes with four plans: Idea Select Titanium, Idea Select Platinum, Idea Select Gold , and Idea Select Silver .
Under the 21 billion euro deal, both the companies are seen holding an equal stake in the merged entity.The stock rose 11.83 per cent to hit a high of Rs 115.25 on BSE
Idea Select Titanium offers the most benefits and is the premium of all, followed by the others in the order they’re mentioned.Already there are reports that Vodafone Group and Aditya Birla Group are likely to make an announcement on the mega-merger of the former’s Indian arm and Idea cellular as early as this week.
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Idea Cellular up 2% on buzz of merger talks being in final stage
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Image copyright Getty ImagesUK telecoms giant Vodafone has merged its Indian business with Idea Cellular, India’s third-largest network, to create the country’s largest operator.
Telecom giant sparks India price warVodafone’s Indian unit in merger talksOwned by the country’s richest man, Mukesh Ambani, Jio has forced Vodafone India and Idea Cellular, together with current market leader Bharti Airtel, to cut prices.
Analysis: Sameer Hashmi, BBC News, MumbaiIt was interesting that both companies decided to hold an off-camera press conference to announce such a big merger.
The combined company will have almost 400 million customers, accounting for 35% of the market share, the firms said in a statement.
But the merger should ring in good news for customers because the new entity is expected to slash prices to compete with Reliance Jio.
collected by :Frank Ithan