Telekom Malaysia International is reportedly buying out the stake of Ashmore Investments and Deutsche Bank in Spice Telecom, with the Modis retaining 51 per cent controlling interest in the company for now. The deal is expected to be signed in Kuala Lumpur soon. Spice Telecom carries a debt burden of around $200 million.

With the company's net valuation pegged at roughly $400 million, the cash transaction for the two exiting stakeholders would be around $200 million.