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Spice Mobility surges after rejig of holding in subsidiaries

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Spice Mobility was locked at 5% upper circuit at Rs 22.05 at 14:49 on after the company announced a rejig of shareholding among its subsidiaries.

The announcement was made during market hours today, 10 October 2017.

Meanwhile, the S&P Sensex was up 106.08 points or 0.33% at 31,952.97. The S&P Small-Cap index advanced 156.53 points or 0.94% at 16,889.56.

On the BSE, 5,521 shares were traded on the counter so far as against the average daily volumes of 31,405 shares in the past one quarter. The stock had hit a high of Rs 22.05 and a low of Rs 20.95 so far during the day. The stock had hit a 52-week high of Rs 33.60 on 18 July 2017 and a 52-week low of Rs 13 on 23 November 2016.

The stock had underperformed the market over the past one month till 9 October 2017, sliding 11.21% compared with the Sensex's 0.5% rise. The stock had, however, outperformed the market over the past one quarter, advancing 18.31% as against the Sensex's 1.55% rise. The scrip had also outperformed the market over the past one year, gaining 39.53% as against the Sensex's 13.49% rise.

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

S Global Services Pte (SGS) and Spice VAS (Africa) Pte (SVA), both step down foreign subsidiaries of Spice Mobility, incorporated and existing under the laws of Singapore, have entered into a share subscription and purchase agreement, whereby SGS shall transfer its entire shareholding in the Omnia Pte, another step down foreign subsidiary in Singapore to SVA against issue of SVA's shares to SGS, as agreed between SVA & SGS.

Consequently, after allotment of shares as agreed between SVA & SGS, Omnia Pte and its subsidiary i.e. PT Spice Digital Indonesia, Indonesia will become subsidiaries of SVA and step down subsidiaries of SGS and will continue to be the step down subsidiaries of Spice Mobility, and SGS stake in SVA will increase from 70% to 80%.

On a consolidated basis, Spice Mobility reported net loss of Rs 10.02 crore in Q1 June 2017 compared with net loss of Rs 23.57 crore in Q1 June 2016. Net sales declined 18.3% to Rs 193.74 crore in Q1 June 2017 over Q1 June 2016.

Spice Mobility is engaged in the trading of mobile handsets, information technology (IT) products and their accessories.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 10 2017. 15:11 IST