Idea gets shareholder nod to raise Rs 150 bn, change name

Both Vodafone and Idea have been raising money the past few months to pare combined debt, which stood at more than Rs 1.14 trillion at March end

Idea Cellular, which is in the last leg of completing its proposed merger with Vodafone India, got shareholders' nod on Tuesday to change the name of the company to Vodafone Idea Ltd, and also raise funds of up to Rs 150 billion. 

The company had convened an extraordinary general meeting on Tuesday to seek shareholder nod for the same. Shareholders gave nod to raise up to Rs 150 billion on a private placement basis by way of non-convertible securities,  including, but not limited to, non-convertible debentures, in one or more tranches. 

Idea did not share details of what the funds would be