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| Spice Mobiles promoter builds stake, to make open offer |
| Press Trust of India / New Delhi Apr 16, 2009, 15:41 IST |
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Spice Mobiles Ltd today said that its promoter Spice Televentures will make an open offer for purchase of additional shares from the public shareholders, after acquiring over 43 per cent equity from two other promoter group entities.
Spice Televentures, which already holds 20.18 per cent equity in Spice Mobiles, has reached an agreement to increase its stake in the company to 63.23 per cent through purchase of shares from two other promoter group entities.
Spice Televentures would acquire about 3.2 crore shares, amounting to a 43.05 per cent stake, from Spice Enfotainment and Twenty First Century Capitals Ltd, Spice Mobiles said in a statement.
The three entities together form part of the promoter and promoter group of Spice Mobile.
In furtherance to the development, Spice Televentures has undertaken to make a public offer to the shareholders of Spice Mobiles in accordance with the Sebi regulations, the company said.
While the company did not elaborate on any further details about the public offer, the regulations would require the promoters of Spice Mobile to make an open offer for purchase of an additional up to 20 per cent stake in the company.
As part of the share purchase agreement reached by Spice Televentures with Spice Infotainment and Twenty First Century Capitals, the acquirer will purchase 2,90,60,270 (38.93 per cent) and 30,73,694 (4.12 per cent) equity shares from the two sellers respectively.
Spice Televentures is part of diversified conglomerate Spice Group, which operates across communication and entertainment sectors.
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