Idea along with Persons Acting in Concert (PACs), including Telekom Malaysia International (TMI), TMI Mauritius, TM International Berhad and Green Acre Agro Services have made the open offer for a further 20 per cent stake in Spice Communications.
Idea Cellular along with the PACs have made the open offer for acquiring up to 137,985,050 equity shares representing 20 per cent of the paid-up equity share capital of Spice Communications at Rs 77.30 each.
This offer comes after last weeks announcement of acquisition of 40.8 per cent stake held by B K Modi in Spice Communications by Idea and the subsequent merger of Spice Communications in to Idea Cellular.
The total deal is worth Rs 2,700 crore, which includes the Rs 544 crore non compete fee to the Spice.
Idea and Spice will also swap shares in which shareholders of Spice will get 49 shares of Idea for every 100 shares held in Spice.
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