Vodafone Idea shares trade higher on Rebrands as Vi, Reflection of both Brands, says Mangalam Birla
Vodafone Idea Ltd rewrote itself as Vi, read as We, the merger of two telecom operators two years later as a result of a brutal tariff war by Reliance Jio Infocomm Limited.
Vodafone Idea’s share price rose 4% after the rebranding announcement on Monday, while the Nifty 50 lost 0.06%,
Brand integration not only signals the completion of the globe’s biggest telecommunications merger,
But also marks the journey to provide a world-class digital experience to one billion Indians on our robust 4G network in our future journey,
Ravinder Takkar, MD & CEO of Vodafone Idea added in a statement.
New unit, he said, will be designed to fit into the future world of digital and 5G.
The statement said that it would continue to invest in developing its infrastructure & new technologies such as high-speed & secure leased lines, MIMO (multiple input & multiple output) in addition cloud services.
Idea Cellular of Vodafone Group’s India unit & Aditya Birla Group announce their merger in 2017,
As Vodafone Idea Cellular is not report to have an annual profit as it lost customers & weigh down by massive debt.
Its subscriber base fell to 30.9 crore by May 2020 as compared to Reliance Jio’s 39.27 crore and Bharti Airtel Ltd.’s 31.7 crore.
Telecom operator board last accepted funds up to Rs 25,000 crore through issuance of equity shares, global depository receipts,
US depository receipts, foreign currency bonds, convertible debentures or warrants.
In addition, a Reuters report stated that Amazon.com Inc. & Verizon Communications Inc. Planning to invest $4 billion in the company.
While the shares of that company sent in incrementally,
The board made it clear that there is no such proposal currently being considered.
In addition, the Supreme Court received some legal relief in a nearly two decade battle,
With the government over the recent adjusted gross revenue calculation.
Along with Vodafone Idea, peer Bharti Airtel & others. The company owes Rs 50,400 crore to the Department of Telecommunications in its previous dues & has a debt of Rs 1,65,900 crore (incl. AGR liabilities).