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Vodafone-Idea merger receives new regulatory approval

The merger between Vodafone Group Plc unit Vodafone India and Idea Cellular Ltd. has received a conditional approval from the Securities and Exchange Board of India, or Sebi, The Economic Times (India) reported Aug. 8.

Sebi noted that Idea Cellular agreed to comply with the condition that the company will not dispose of shares purchased by its promoters before the merger announcement.

Prior to the most recent approval, the proposed deal was earlier green-lit by the Competition Commission of India and is also subject to approvals from public shareholders and the National Company Law Tribunal, or NCLT.

The companies must put all of the conditions in place before the NCLT while requesting for the regulator's approval, Sebi noted.