A month after announcing the merging of NSE listed Spice Mobiles, the handset manufacturing division, with Spice Televentures, the company has revealed its plans to raise capital. It will issue FCCB, GDR, QIP or other equity linked securities or securities that are convertible into equity to the tune of Rs. 7 billion. The issue will be subject to shareholders and other necessary approvals. Spice has exhausted its proceeds from the IPO, spending the Rs. 6.3 billion to pay off a long term debts, for NLD and ILD licenses, network equipment and towards general corporate expenses for its carrier division Spice Communications. Earlier, Subramanian Murali, CFO, Spice Televentures had said in the conference call following the announcement that the company was planning to raise funds within the next 2 to 3 quarters and dilute the equity to below 75%. BlueBerry Joint Venture On February 18, 2010, Spice Mobiles entered into a 65:35 joint venture with Malaysian handset maker CSL Mobile, which owns the Blueberry brand. Economic Times reported the investment for the 65% stake by Spice Mobile to be $25 million, the deal had a mix of cash and stock. Not very original, this Blueberry, but then are any of Spice Mobiles's own handsets? Consolidation The company has also indicated that the consolidation has been revised, with regard to Spice Telemeters Pvt. Ltd. No further detail on the revision is given, nor do we know what Spice Telemeters does! The website of the company does not offer any hint. For more…
- Here’s what streaming companies revealed in their compliance reports for Oct 2022 December 2, 2022
- FRT-based Digi Yatra project begins in three Indian airports on opt-in basis December 2, 2022
- Spotify CEO calls Apple “Shameless” For Engaging In Anti-Competitive Practices December 2, 2022
- Madhya Pradesh HC Grants State Government 3 Months to Draft and Clear Online Gambling Law: Report December 2, 2022
- Meta’s Nick Clegg Flags Encryption Concerns, Praises India’s Stance On Cross-Border Data Flow December 2, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...