NEW DELHI: Telecom company Idea Cellular has called an 'Extraordinary General Meeting' (EGM) on June 26 to approve changing the name of ‘Idea Cellular Limited’ to ‘Vodafone Idea Limited’, because the firm nears of entirety of merger with Vodafone India.
"... consent of the members be and is hereby accorded for change of name of the company from "Idea Cellular Limited" to "Vodafone Idea Limited," Idea Cellular stated in a regulatory submitting to the stock exchanges.
Idea and Vodafone India are in means of merging their businesses. According to official resources, the acclaim for merger by the Department of Telecom is in ultimate phases. The merger, when it comes through, will create India's biggest telecom firm value over $23 billion and is anticipated to accentuate the telecom battle dominated by Reliance Jio and Bharti Airtel.
Besides, alternate in name, the EGM may even talk about raising of Rs 15,000 crore fund by the corporate through Non-Convertible Debentures (NCDs).
"...consent of the Members be and is hereby accorded to the Board of Directors of the Company...to provide or issue every now and then, Non-Convertible Securities including however now not limited to NCDs, secured or unsecured, in one or more collection or tranches aggregating as much as an quantity now not exceeding Rs 15,000 crores," the awareness stated.
Vodafone is anticipated to possess 45.1 in keeping with cent, 26 in keeping with cent by Aditya Birla Group and Idea shareholders will own 28.nine within the combined entity. The merged entity could have round 43 crore cellular subscribers from Day 1 which translates to about 35 in keeping with cent of the market proportion.
In March this year, Kumar Mangalam Birla was once named the non-executive chairman of the prospective mix. Balesh Sharma, recently the chief operating officer of Vodafone India, has been named because the CEO of the new entity.
(With company inputs)
"... consent of the members be and is hereby accorded for change of name of the company from "Idea Cellular Limited" to "Vodafone Idea Limited," Idea Cellular stated in a regulatory submitting to the stock exchanges.
Idea and Vodafone India are in means of merging their businesses. According to official resources, the acclaim for merger by the Department of Telecom is in ultimate phases. The merger, when it comes through, will create India's biggest telecom firm value over $23 billion and is anticipated to accentuate the telecom battle dominated by Reliance Jio and Bharti Airtel.
Besides, alternate in name, the EGM may even talk about raising of Rs 15,000 crore fund by the corporate through Non-Convertible Debentures (NCDs).
"...consent of the Members be and is hereby accorded to the Board of Directors of the Company...to provide or issue every now and then, Non-Convertible Securities including however now not limited to NCDs, secured or unsecured, in one or more collection or tranches aggregating as much as an quantity now not exceeding Rs 15,000 crores," the awareness stated.
Vodafone is anticipated to possess 45.1 in keeping with cent, 26 in keeping with cent by Aditya Birla Group and Idea shareholders will own 28.nine within the combined entity. The merged entity could have round 43 crore cellular subscribers from Day 1 which translates to about 35 in keeping with cent of the market proportion.
In March this year, Kumar Mangalam Birla was once named the non-executive chairman of the prospective mix. Balesh Sharma, recently the chief operating officer of Vodafone India, has been named because the CEO of the new entity.
(With company inputs)
Idea to change name to 'Vodafone Idea' as merger nears completion
![Idea to change name to 'Vodafone Idea' as merger nears completion]()
Reviewed by Kailash
on
June 02, 2018
Rating:
