Aditya Birla group firm Idea Cellular today said it has deferred its open offer for an additional 20 per cent in Spice Communications following a delay in approvals from market regulator Securities and Exchange Board of India (Sebi).
In an announcement to the shareholders of Spice Communications, Idea Cellular said the revised schedule for the open offer of Rs 1,066.62 crore for a 20 per cent stake in the firm would be announced separately.
“The open offer was earlier scheduled to open on August 22 and close on September 11,” the company said in a filing to the Bombay Stock Exchange.
On June 30, Idea Cellular had announced the open offer for acquiring about 137.9 million shares in the BK Modi-led firm at Rs 77.30 a share.
The announcement was made by Idea Cellular along with Persons Acting in Concert (PACs), including Telekom Malaysia International (TMI), TMI Mauritius, TM International Berhad and Green Acre Agro Services.
The public announcement further said, "The revised schedule of activities in respect to the offer pertaining to acquisition of the equity shares of Spice will be announced separately on receipt of observation from Sebi.”
Before the open offer announcement, Idea Cellular, the fifth-largest mobile operator in terms of subscribers, had announced that it would acquire 40.8 per cent in Spice for Rs 2,716 crore.
