In an effort to compete with Reliance Jio, Vodafone and others, Idea Cellular has launched a new prepaid plan for a price of Rs 998.
In an effort to compete with Reliance Jio, Vodafone and others, Idea Cellular has launched a new prepaid plan for a price of Rs 998.
Under this plan, users will get 5GB worth of 4G/2G daily data along with 100 free SMSes per day and unlimited local and national calls. With the company’s new Idea Magic offer, prepaid users can also get cashbacks up to Rs 3,300 on recharges from the Idea website app. At the moment, the pack is only available in Odisha circle.
Last month, Idea Cellular said it will raise Rs 3,500 crore by issuing equity shares to eligible investors through qualified institutional placement (QIP) route.
"The Board of Directors today accorded final approval for issuance of equity shares for an amount not exceeding Rs 3,500 crore by way of QIP to the eligible investors," Idea said in a notification to the BSE. In January, the company's Board had approved a proposal to raise up to Rs 6,750 crore. Idea is in the midst of a proposed merger with Vodafone India following a stiff competition started by the new entrant Reliance Jio.
The first tranche of fund-raising had a bearing on the shareholding pattern of the company and also on its merger deal with Vodafone. The two parties have agreed that Aditya Birla Group (ABG) will buy a minimum of 2.5% of the merged entity from Vodafone for Rs 1,960 crore. This equity sale transaction will reduce funding requirement on Vodafone Group from Rs 9,350 crore to Rs 7,390 crore to meet debt arrangement for the merged entity.
The proceeds will also enable Idea Cellular to reduce its debt. The net debt of Idea as on December 31, 2017, stood at Rs 55,781.8 crore.
The telecom industry is going through a phase of consolidation where Airtel has announced the acquisition of Telenor and wireless operations of Tata Group, Vodafone and Idea Cellular have announced a merger and Reliance Jio is buying out wireless assets of Reliance Communications.
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