Idea Cellular Shareholders Give Nod To Change In Company Name
Idea Cellular shareholders on Tuesday approved the resolution 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 Cellular is merging with Vodafone India and is at present the third largest telecom operator in the country.
Tuesday's meeting, 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 Birla was absent.
Ahead of the outcome of the EGM, Idea Cellular shares rose to close with a gain of 3 per cent.
The shareholders also approved fund-raising worth Rs 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.
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.
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.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
