Spice Communications' stocks surged Rs 6.05, or 11 per cent, to Rs 59.25 at the Bombay Stock Exchange, its biggest gain since April 23. The stock had closed yesterday at Rs 53.20.
Over 42.51 lakh shares changed hands on the bourse in early trade.
It has been learnt that B K Modi wants to exit the company and Idea Cellular would be buying out 40 per cent stake in Spice Communications.
However, Baharin Telecom is also understood to have joined the race with the AV Birla group company.
Sources close to the development said that Modis are evaluating an offer from Baharin Telecom (Batelco) and the entry of the middle east telecom major is going to push up the valuation of the company.
The valuation could be at Rs 72 a share, Modi had earlier said the share price could not be less than Rs 60.
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