Spice Mobility gains after board approves share delisting

Spice Mobility rose 3.13% to Rs 32.95 at 9:40 IST on BSE after the company said its board has approved the proposal received from its promoter to voluntarily delist the shares from the stock exchanges.

The company made announcement after market hours on Friday, 2 January 2015.

Meanwhile, the S&P BSE Sensex was up 106.96 points or 0.37% at 27,989.99.

On BSE, so far 1.15 lakh shares were traded in the counter as against average daily volume of 15,950 shares in the past one quarter.

The stock hit a high of Rs 35.10 and a low of Rs 32.50 so far during the day. The stock hit a 52-week high of Rs 43 on 11 June 2014. The stock hit a 52-week low of Rs 20 on 22 December 2014.

The stock had outperformed the market over the past one month till 2 January 2015, rising 30.41% compared with Sensex's 1.96% fall. The scrip had also outperformed the market in past one quarter, gaining 6.5% as against Sensex's 4.97% rise.

The small-cap mobile phone manufacturer has equity capital of Rs 68.36 crore. Face value per share is Rs 3.

Spice Mobility's board of directors at its meeting held on 2 January 2015, approved the proposal received from Smart Ventures, the promoter of the company, to voluntarily delist the equity shares of the company from the National Stock Exchange of India and BSE, subject to the approval of the shareholders of the company and such other approvals/sanctions as may be required in this connection. The company proposes to obtain the approval of shareholders for voluntary delisting of equity shares through Postal Ballot.

Spice Mobility reported consolidated net loss of Rs 13.32 crore in Q1 September 2014 compared with consolidated net profit of Rs 8.12 crore in Q1 September 2013. Total income rose 2% to Rs 548.61 crore in Q1 September 2014 over Q1 September 2013.

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