Vodafone Idea took the final step in its merger, unveiling a new consumer brand a matter of days after revealing its board detailed plans to seek up to INR250 billion ($3.4 billion) in fresh funding.
The company today (7 September) introduced the Vi brand, a move MD and CEO Ravinder Takkar said marked the completion of the largest telecoms merger in the world.
He said the rebrand “sets us on our future journey to offer world class digital experiences to 1 billion Indians on our strong 4G network”. The integration work delivered an operator which is “leaner and agile”, with work on 5G contributing to a transformation into a “future-fit, digital network”, he said.
But the operator continues to struggle financially [1], not least due to an INR530 billion tax demand relating to adjusted gross revenue [2].
Vodafone Idea’s board last week approved two fundraising moves, seeking up to INR150 billion via non-convertible debentures through a public offering or private placement; and a maximum of INR150 billion by issuing shares, global or American depository receipts, foreign currency bonds, convertible debentures or warrants.
The operator said the total fundraising would not exceed INR250 billion. Shareholders will vote on the plan at its AGM on 30 September
Vodafone Group said its position on funding [3] has not changed and doesn’t plan to invest fresh equity into the India unit, The Economic Times reported.
[1] https://www.mobileworldlive.com/featured-content/top-three/vodafone-idea-net-loss-surges-5-fold
[2] https://www.mobileworldlive.com/asia/asia-news/india-operators-edge-toward-agr-resolution
[3] https://www.mobileworldlive.com/featured-content/home-banner/vodafone-chief-vows-to-end-india-losses
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