INSUBCONTINENT EXCLUSIVE:
The merger of Idea Cellular with Vodafone India comes amid high competition in the telecom sectorIdea Cellular shareholders on Tuesday
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
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.
