Spice Telecom receives SEBI approval for its IPO (India)

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Spice Telecom receives SEBI approval for its IPO (India)

June 15, 2007

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Spice Telecom has received approval from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The issue will comprise 135,985,000 equity shares, of which 2,000,000 will be reserved for eligible employees, to be offered at the issue price. Telekom Malaysia (TM) currently owns 49 per cent stake in Spice, while Modi Wellvest Private Limited (MWPL) owns the remaining 51 per cent.

Both MWPL and TM will dilute a total of about 20 per cent of their holding post-listing. MWPL's and TM's shareholding will come down to 40.8 per cent and 39.3 per cent respectively.