Vodafone: to hold 47.5% of new Indian merged entity

(CercleFinance.com) - Vodafone will own approximately 47.
5% of the new entity formed by Vodafone India and Idea after the merger's completion, the phone giant said on Thursday.

The announcement comes after Idea Cellular Limited said it would raise up to 882 million euros through a preferential allotment to Indian-based conglomerate Aditya Birla Group (ABG).

As a result, ABG will also buy a minimum of 2.5% of the merged entity from Vodafone, in order to ultimately own at least 26% of the newly-formed company.

Vodafone said it will receive minimum proceeds of 256 million euros from the sale.

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