Spice Telecom files draft red herring prospectus with SEBI

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Spice Telecom files draft red herring prospectus with SEBI

March 15, 2007

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Spice Telecom has filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI). The company will offload about 20 per cent stake or 137.9 million equity shares in order to earn over $150 million from the capital markets.

Currently, the promoters (McorpGlobal) hold 51 per cent stake in Spice with Tele-kom Malaysia holding the remaining 49 per cent. However, post-listing their shareholding will decrease to 40.8 per cent and 39.2 per cent respectively. It is also planning to place a minimum of 10 per cent of its post-IPO equity stake with private investors and equity funds on a preferential basis to raise between $25 million and $30 million.