industry

Vodafone Idea's AGM on reappointment of Kumar Mangalam Birla as the director and Balesh Sharma as CEO


Vodafone Idea has called for a shareholders meeting on December 22 to approve the audited financials for FY18. The annual general meeting (AGM) will be the first one since the merger of Vodafone India with Idea Cellular. The shareholders will also consider the reappointment of Kumar Mangalam Birla as the director along with appointment of some of the independent and non-executive directors.

The AGM will also consider the appointment of Balesh Sharma as CEO, his remuneration package and approve of stock option schemes for employees.

The company has also sought shareholders’ approval with regard to related party transactions with Indus Towers. The newly formed telco in September announced its decision to merge Aditya Birla Telecom Ltd, which holds 11.15% stake in telecom infrastructure firm Indus Towers , into its folds.

The telco recently unveiled plans to raise Rs 25,000 crore through equity and also explore selling its fibre network to raise more cash to expand its 4G network.

Vodafone India and Idea Cellular were merged in August end and have become the largest telecom player in the country followed by Bharti Airtel and Reliance Jio Infocomm(Jio).

Shares of Vodafone Idea closed Rs 35.45, down by 6.09% on the BSE on Friday.





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