The shares of Idea Cellular in intra-day trade on Tuesday surged a whopping 17.75% to a high of Rs. 62 on the BSE as the merger deal between Vodafone and Idea is close on the heels of getting final nod by the department of telecom (DoT). The sharp surge in the stock price of Idea came in after sources confirmed that Idea and Vodafone together cleared the spectrum charges due to them amounting to Rs. 7,268 crore.
On the NSE, Idea shares zoomed by a much as 16.55% to a day's high of Rs. 61.25.
The merger deal between Vodafone India and Idea Cellular valued at $23 billion is likely to get through with the final approval by the DoT soon after the two companies had cleared the spectrum dues.
The telecom department earlier this month granted a conditional nod to the long-pending merger deal and asked for the requisite spectrum payment. Upon merger, the new entity will be the largest telecom player with a subscriber base of 437 million and revenue of more than Rs. 80,000 crore.
At 2:30, the stock of Idea Cellular was quoting lower at Rs. 57.65, up by 9.5% on the BSE.