Telecom operator Idea Cellular today said its board will meet on January 4 to consider a proposal for fundraising via preferential allotment, rights issue or other routes.
“A meeting of the Board of Directors of the company will be held on January 4, 2018…to consider a proposal for fundraising through a preferential allotment, qualified institutional placement, rights issue or such other route as the Board of Directors may determine to be in the best interests of the company,” the company said in a BSE filing.
The two companies had, in 2017, announced they will combine the operations to create the country’s largest telecom operator worth over USD 23 billion with a 35 percent market share.
The merger of Vodafone-Idea — which is set to dislodge the numero uno player Bharti Airtel — was imminent as the incumbent operators have been bruised by aggressive offers from newcomer Reliance Jio, which triggered a tariff war in the Indian telecom market.
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