your password has been reset successfully, Please login again.

Idea gets shareholders nod to the new name Vodafone-Idea ltd

Idea Cellular is merging with Vodafone India
BY BEx Bureau
BusinessEx
Jun 29, 2018

Idea cellular shareholders on Tuesday approved to change the name of the company to Vodafone Idea Ltd. Idea Cellular conducted an extraordinary general meeting in Gujarat.

Aditya Birla Group company Idea Cellular said in a regulatory filing that its shareholders passed the resolution to change the name of the company "with requisite majority".Idea Cellularis merging with Vodafone Indiaand is at present the third largest telecom operator in the country.

In a meeting on Tuesday, which concluded at 1:00 pm, was chaired by managing director Himanshu Kapania, the telecom company said in a filing to the BSE post-market hours on Tuesday. Idea Cellular chairman Kumar Mangalam Birlawas absent.

After its merger with Vodafone India, the Indian operations of British telecom major Vodafone, the joint enterprise would surpass Bharti Airtel to create the country's largest telecom operator. Once the deal goes through, Vodafone will own a 45.1 per cent stake in the merged entity, while Idea Cellular will have 26 per cent.

The shareholders also approved fund-raising worthRs.15,000 crore through issuance of non-convertible securities on a private placement basis.

Aditya Birla Group company Idea Cellular had earlier this month informed the stock exchanges that it was seeking approval of the members for both the resolutions.

Mr Birla will be the non-executive chairman of the merged company.

Idea Cellular and Vodafone India had in March last year announced their intent to merge their operations to create the country's largest telecom operator.

Please add your Comment
SIMILAR News
July 17, 2018
As part of the partnership, Walmart and Microsoft engineers will collaborate to migrate a significan ...More
By Shah Mohsin
July 17, 2018
The Mumbai-based startup was launched in 2013 as a social network for conversations and later tweake ...More
By Shah Mohsin
July 17, 2018
PE firm India Equity Partners holds a stake of around 98% stake in Spoton Logistics while the compan ...More
By Shah Mohsin
July 17, 2018
The latest funding has been routed through Singapore-based Amazon Corporate Holdings and Mauritius-b ...More
By Shah Mohsin
July 16, 2018
Phonepe which is one of the biggest players in the UPI payment space, has been steadily building up ...More
By Shah Mohsin
July 16, 2018
Dalmia Bharat had been adamant on its acquisition plan for Binani Cement, which would have opened an ...More
By Shah Mohsin
July 16, 2018
LIC owned about 8 percent of IDBI Bank as of end-June, while the federal government owned 86 percent ...More
By Shah Mohsin
July 16, 2018
The Mumbai-based venture capital firm has more than 40% of its portfolio companies in the B2B segmen ...More
By Shah Mohsin
July 16, 2018
The investors who participated in the round include Anupam Mittal, CEO at People Group, the parent o ...More
By Shah Mohsin
July 13, 2018
The American software giant is already offering its Azure platform to electric mobility players acro ...More
By Shah Mohsin
July 13, 2018
The Series A funding will also be used to expand the team and bring on board experienced talent in t ...More
By Shah Mohsin
July 13, 2018
With this, the company has raised a total $12 million until now. ...More
By Shah Mohsin