After the much-awaited merger of Idea and Vodafone India is complete, Idea proposes to call the combined entity as Vodafone Idea Ltd. As per the regulatory filings, Idea has called an EGM on June 26 to decide on a number of matters that include change in name of the entity post merger transaction. After the proposed deal, the combined entity will be the biggest telecom operator in the country.
In the meet, there shall be also discussion to raise Rs. 15,000 crore through secured NCD issuance. The company will look for EGM approval for raising funds via private placement within a time-frame of one year from the time the resolution is passed.
In a filing Idea Cellular to the BSE said, consent of the members be and is hereby accorded for change of name of the company from "Idea Cellular Limited" to "Vodafone Idea Limited".
After the Registrar of Companies issues a new certificate of incorporation, the earlier name Idea Cellular will be changed to "Vodafone Idea Limited".
The department of telecom is in the last leg of approving the transaction.
Post the merger, 45.1% stake shall be owned by Vodafone, 26% by Aditya Birla Group and rest 28.9% will be held by stakeholders of Idea.
The combined entity is expected to have as many as 430 million subscribers and 37% market share from the first day of operation itself.