On Monday, telecom company Vodafone Idea, one of the largest companies announced the rebranding of the company. The company will now be known by the new brand name 'VI'. According to the company, it can be pronounced 'We'. In a statement issued by the company, the integration of the two brands has been described as the most comprehensive integration of the telecom world. "Vodafone Idea merged two years ago," said Ravinder Collision, managing director and CEO of Vodafone Idea, while introducing the new brand. Since then, we were working towards the integration of two large networks, our people and processes. I am very happy to launch the VI brand today. Indians are optimistic and want to get ahead in life. ''
At 11:48 am on the NSE, the company's share price was 65 paise, which was 5.39 per cent, at Rs 12.70. The board of the same company recently approved the proposal to raise Rs 25,000 crore by issuing equity shares or through the medium of Globed Depository Receipt, American Depository Receipt, Foreign Currency Bonds, Convertible Debentures. This is expected to bring immense relief to the cash-strapped VIL. The number of subscribers to the company is steadily declining. At the same time, the consumer has also decreased its average revenue. The company has to pay Rs 50,000 crore to the government as an outstanding AGR.
Vodafone Idea said that the company has not received any investment proposal from the board of American wireless carriers Verizon Communications Inc and Amazon.com Inc. Earlier some media reports had claimed that these two companies can invest in Vodafone Idea. After the Supreme Court's decision related to AGR, the company has informed about the announcement regarding strategic investment.
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