Idea Cellular climbs over 4% on block deals

Idea Cellular will hold a meeting of shareholders and creditors on October 12 to seek their approval for the amalgamation of Vodafone India’s business with itself. NSEBSEIdea CellularLoading data…

PEER COMPANIES NEW DELHI: Shares of Idea Cellular advanced over 4 per cent on Wednesday amid reports that 42.3 lakh shares got changed hands in three block deals.

The scrip was trading 4.57 per cent up at Rs 82.45 around 11.30 am (IST), while BSE Sensex was up 51 points, or 0.16 per cent, up at 32,209 at around the same time.

Idea Cellular will hold a meeting of shareholders and creditors on October 12 to seek their approval for the amalgamation of Vodafone India’s business with itself.

The meeting of equity shareholders, secured creditors and unsecured creditors will be held in Gandhinagar, Gujarat. It is being convened following directions of the National Company Law Tribunal (NCLT) bench at Ahmedabad, Idea Cellular said in a regulatory filing.

The company will start seeking shareholder’s nod through postal ballot and e-voting from September 12 and close the process on October 11.

For the quarter ended June 30, Idea posted a consolidated net loss of Rs 815.9 crore compared with a net profit of Rs 220.4 crore a year ago, and a loss of Rs 325.6 crore in the previous three-month period.

Earnings were also hurt by net finance cost which rose 22.4 per cent on year.

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