Spice Televentures will make an open offer for shares in handset vendor Spice Mobiles from public shareholders. Spice Televentures, one of three promoters of the company, announced this soon after taking over 32.13 million shares from the two other promoters – group companies Spice Enfotainment (previously SpiceCorp Entertainment) and Twenty First Century Capitals Ltd. With this, its stake in Spice Mobiles has increased from 20.18% to 63.23 percent.
Spice Televentures at Rs 10.70 per share, bought:
— 2,90,60, 270 shares from Spice Enfotainment, and
— 30,73, 694 shares from Twenty First Century Capitals Ltd
Spice Televentures plans to acquire 20% stake (1,49,27,600 shares) at an offer price of Rs 10.90 per share, at a face value of Rs 3 each. The offer will begin on June 11th and end on 30th.
With the completion of this open offer, if it does go through, Spice Televentures will hold 83.13 percent in the Handset manufacturer. The acquisition will make Spice Mobiles a subsidiary of Spice Televentures. Note that mobile applications company Mobisoc Technologies is also a Spice Televentures company.
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