Idea acquires Spice (India)
July 15, 2008
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Idea Cellular has acquired the B.K. Modi Group's 40.8 per cent stake in Spice Communications for Rs 27.16 billion at Rs 77.30 per share. In addition, Idea bought another 0.29 per cent stake in Spice at a price of Rs 74.81 per share. It will offer a 14.99 per cent stake, valued at Rs 72.94 billion, to Telekom Malaysia International (TMI) through a preferential allotment.
Following the acquisition, Idea will make the mandatory 20 per cent open offer for Spice's shareholders including TMI.
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