According to a regulatory filing, Idea
Cellular has called an extraordinary general meeting on June 26 to consider proposals on a number of issues, including changing the name of the combined entity, touted to be the largest telecom
operator of the country. It hopes to raise Rs 150 billion through non-convertible debentures. “…consent of the members be and is hearby accorded for change of name of the company from Idea
Cellular Limited to Vodafone Idea
Limited," a filing on the BSE by Idea
The company further said the consent of all its members was secured to issue non-convertible debentures in one or more tranches, aggregating Rs 150 billion on private placement basis during a period of one year from the date of the passing of the resolution.
The new operator will have a revenue market share of around 37 per cent, and around 433 million subscribers.
Cellular has recently converted its Cellular Mobile Telephone Service (CMTS) licence into a unified licence (UL) in six telecom
circles, as part of the merger process. Now Idea
Cellular has either a UL or UASL licence in all the 22 telecom
circles of the country, which allows the company to offer all kinds of services. Under CMTS, landline services are not allowed.
The companies had, earlier this year, announced restructuring the leadership team for the merged entity that would have Kumar Mangalam Birla
as non-executive chairman. Vodafone's present chief operating officer (India) Balesh Sharma will be its chief executive officer.
Idea, Airtel added 10 million subscribers in April: COAI
operators Bharti Airtel and Idea
Cellular jointly added over 10 million mobile subscribers while Vodafone
lost over 664,000 customers in April 2018, according to the data released by the Cellular Association of India (COAI) on Friday. "Idea
Cellular had the maximum number of subscriber additions, adding 5.55 million to bring its total subscribers to 216.76 million," the COAI said in a statement.