Idea-Vodafone announce merger; combined entity to be biggest teleco in India
20 March, 2017, 07:03 | Author: Nadine Todd
The merged company will be the largest with about 387 million users in the country.
Vodafone India and Vodafone Mobile Services have a combined turnover of about Rs 454 billion while Idea has a turnover of about Rs 360 billion.
A merger between the two companies will take the combined entity to the number one position in India in terms of subscribers at 387 million. The remaining stake will remain with the public.
- Mobile Internet connections (2G+3G+4G): Idea has 48.58 million, while Vodafone has 65 milllion, giving the combine entity a grand total of 113.5 million connections. The appointments of chief executive and chief operating officers will require approval of the boards of both the companies while Vodafone will have exclusive rights to appoint chief financial officer.
Vodafone and Idea are weighing options on excess airwaves-including selling or sharing them, people with knowledge of the matter said last month. The Board will include lndependent Directors.
Jio has made an impact with free voice calls and cut-price data services, forcing India's three biggest operators - Bharti Airtel (BRTI.NS), Vodafone and Idea - to slash prices and accept lower profits. On amalgamation of VMSL becoming effective, the company shall issue shares to VIL equal to 47 percent of post issue paid-up capital.
Vodafone could decide to sell part of its stake in the merged company, while the Birlas would likely offer to buy shares from other investors after the merger to bring their holding to about 26 percent, according to the people.
The promoters of Idea Cellular have the sole right to appoint the chairman.
Vodafone will hold 45.1% of the combined company after transferring a stake of 4.9% to the promoters of Idea for Rs 3874 crore in cash.
In a BSE filing Idea said, "The board of directors at its meeting held on March 20, 2017, have approved the scheme of amalgamation of Vodafone India Limited (VIL) and its wholly owned subsidiary Vodafone Mobile Services Limited (VMIL) with the company subject to necessary approvals". Vodafone has the right to appoint CFO of company.
Apple authorised resellers are selling the iPhone SE at the said price and also the 64GB model at Rs 25,999. The iPhone SE offer for cashback offer kicked of on Friday and will be available till March 31.
Gonzalez had Sor Rungvisai in trouble in the sixth when he followed up a thudding left to the body with a left to the jaw. The middleweight champion successfully defended his belts against Danny Jacobs Saturday night via unanimous decision.
In talks with Xi in Beijing, Tillerson said Trump places a "very high value" on communications with the Chinese president. Secretary of State Rex Tillerson with China's Xi Jinping at the Great Hall of the People in Beijing on March 19.
This is a potential sign that McCown could join the Jets as their third quarterback (and likely Week 1 starter in 2017). According to sources free-agent quarterback Josh McCown will meet with the New York Jets on Friday and Saturday.
People can also contact the Baltimore Police Department by texting tips to 443-902-4824 or using the Baltimore Police app. Davis believes the firebombing was related to a non-fatal shooting on Thursday night in the same area.
Supreme Court, Sen. "I can't dictate what the Democrats are doing, but I don't hear it [discussed] very much". When Neil Gorsuch appears before the judiciary committee for his confirmation hearing as nominee for the U.S.
A senior PCB official said it would be a "commonwealth XI" but a report in the Guardian referred to a World XI. He visited Pakistan in January and was given briefings on security arrangements for visiting sides.
Taffet was disconnected and was placed on hold when he called back. "There's no excuse", she said during the interview. And so when those folks hung up, algorithmically, this went insane . "We have a new sheriff in town", Rawlings said.
New Zealand Foreign Minister Murray McCully called the decision "disappointing" in a written statement. Police said Saturday they responded to an incident in Lower Hutt near Wellington early on March 12.
Michigan State is now 21-5 in the second game of an NCAA Tournament weekend under Izzo, including 7-4 as the lower seeded team. Cassius Winston and Josh Langford both showed flashes this past year, but struggled with consistency - as most freshmen do.
Though facts mean little to President Donald Trump, opponents of the GOP plan should stick to them and put them in context. Economist Gail Wilensky sees a middle way between supporters and detractors of the bill's treatment of Medicaid.
Manchester City vs Liverpool
We usually win good games, but the bad games and the average games we need to be challenging too. "That is why I am so happy". The victory by Spurs ensured that Chelsea's lead at the summit of the EPL table is back to 10 points.
Raiders eye ex-Seahawks RB Lynch
He could be the Raiders unstoppable force, and maybe even the type of addition the Raiders need to go the extra mile next season. Asked in June if he was fine with never playing in the National Football League again, Lynch responded, "Oh yeah, I'm good".
Nintendo Switch vs. Nintendo 64
The PS4 sold just over 14 million consoles worldwide in 2014, after selling about 4 million units during its 2013 holiday launch. Did you pick up a Switch at launch? According to Express , a new wave of the console will be coming to GameStop on March 22.
Priest sustains stab injuries in Australia
Churchgoers told police the man allegedly said to Rev Tomy: "You are Indian, a Hindu or Muslim, you can not say mass". Vicar General Monsignor Greg Bennet said the priest was doing well in hospital and wanted to get back to work soon.