Spice Mobiles to merge with parent firm

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Old 30-Jun-2010
Spice Mobiles to merge with parent firm

New Delhi, June 29

Handset maker Spice Mobiles today said it will merge with parent company Spice Televentures as part of a plan to consolidate the group's telecom businesses.

The merger would create a new entity, Spice Mobility.

"Spice Mobiles will reverse-merge with Spice Televentures Pvt Ltd, and the new venture will be called Spice Mobility," Spice Group chairman BK Modi told reporters here.

The merger will create 4.2 crore treasury shares, out of which one crore would be kept for employees, while the rest of the 3.2-crore equity would be put in the market to raise about Rs 300 crore, he added.

As per the March quarter shareholding pattern available on the BSE, Spice Televentures Pvt Ltd held 63.25 per cent stake in Spice Mobiles.

Shares of Spice Mobiles today closed at Rs 71 on the BSE, down 1.05 per cent from the previous close.

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