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Vodafone has asked SEBI to probe the sudden rise in share price of India Securities, after the British telecom operator objected to a merger between the latter and Essar Telecommunications Holdings.
“On January 14, 2010, the share price of ISL was Rs 6.25, however on January 17, the share price of ISL had increased by more than eleven times at Rs 69.05. Since the announcement of the scheme on the BSE pursuant to a board meeting of ISL held on June 4, 2010, ISL's share price has more than doubled in spite of the fact that ISL has disposed of its major businesses,” Vodafone said in its letter addressed to SEBI Chairman Mr C.B. Bhave.
The spat between Vodafone Group and its joint venture partner Essar Group deepened on Tuesday, with the British telecom firm raising objections to a potential merger between two Ruias promoted companies — Essar Telecommunications Holdings Private Ltd (ETHPL) and Indian Securities Ltd (ISL).
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