Will Abhishek Bachchan be the next zoozoo? Twitteratis ask on Idea-Vodafone merger

Highlights:

1. Idea Cellular on Monday said that its board of directors have approved the merger of Vodafone India and its wholly-owned subsidiary Vodafone Mobile Services with itself

2. The company said that it will issue an aggregate number of equity shares of the new company to Vodafone India equal to 47% of the post issue paid-up capital 

3. Vodafone will hold 45.1% of the combined company after transferring a stake of 4.9% to the promoters of Idea for Rs 3,874 crore in cash

4. Idea said that the promoters will hold 26% of the new merged entity with the rest holding with the public
 

 
As soon as the news about merging of telecom companies Idea Cellular and Vodafone India broke on Monday people expressed their views on Twitter with some stating that Idea Cellular's brand ambassador Abhishek Bachchan has lost his job to the pug. 

"Idea is merging with #Vodafone in India. Bad news for Abhishek Bachchan. He's just lost his job to a pup," Debarati Majumder said on Twitter.

Idea is merging with #Vodafone in India. Bad news for Abhishek Bachchan. He's just lost his job to a pup

— Debarati Majumder (@debarati_m) March 20, 2017

"Heard about the Idea-Vodafone merger. I hope they don't ask the brand ambassadors to merge as I'm not too comfortable merging with the Pug," cited Bollywood actor Abhishek Bachchan's parody account on Twitter.

Heard about the Idea-Vodafone merger. I hope they don't ask the brand ambassadors to merge as I'm not too comfortable merging with the Pug.

— Abhishek Bachchan (@juniorbacchhan) March 20, 2017

One Twitter user has compared the Idea Cellular and Vodafone merger to political parties alliances of JDU and RJD and Congress and SP with an aim to defeat new telecom entrant Jio.

ALSO READ: Idea Cellular share reverses trend; drops on Vodafone merger approval

"Idea & Vodafone inspired by (JDU+RJD & CONG+SP) political alliances for defeat to Jio as political parties allianced for BJP," Sharique Firdoushi‏ said on Twitter.

"#Vodafone @VodafoneIN and Idea merging to fool the 120 billions Indian. Atleast Idea haveto keep distance from @VodafoneIN Unsatisfied_Voda," cited Imran Asif on Twitter.

"#Vodafone merges with #Idea now the big question is, 'Wo Vodafone ka kutta kise milega?' #lol @DrMGulaati," says Bhushan Bankar on Twitter.

Idea Cellular on Monday said that its board of directors have approved the merger of Vodafone India and its wholly-owned subsidiary Vodafone Mobile Services with itself, Zeebiz reported.

The company said that it will issue an aggregate number of equity shares of the new company to Vodafone India equal to 47% of the post issue paid-up capital. 

Vodafone will hold 45.1% of the combined company after transferring a stake of 4.9% to the promoters of Idea for Rs 3,874 crore in cash. 

Idea said that the promoters will hold 26% of the new merged entity with the rest holding with the public. 

“The board of directors at its meeting held on March 20, 2017, have approved the scheme of amalgamation of Vodafone India Limited (VIL) and its wholly owned subsidiary Vodafone Mobile Services Limited (VMIL) with the company subject to necessary approvals," Idea Cellular has said in a filing to the BSE.

The company said that the amalgamation will result in creation of India's largest telecom company with widest mobile network in the country with pan 3G/4G footprint. 

It said that the two companies combined will have enough spectrum to compete with major operators in the market while offering innovative and attractively priced mobile services.

ALSO READ: Idea Cellular share reverses trend; drops on Vodafone merger approval