wordpress blog stats
Connect with us

Hi, what are you looking for?

Spice Mobile Raising Rs. 7 Billion; JV With Blueberry

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?


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 on what drove the consolidation and what’s in store for the merged entity, which will be called Spice Mobility, read our earlier post  Spice Plans Large Mobility Play: New Entity, Revenues & Synergy.

Advertisement. Scroll to continue reading.

Spice Communications’ losses were up 7.17 percent to Rs. 672.7 million  for the quarter ended December 2009; sales were up 6.39 percent to Rs 3.63 billion.


Spice Group Acquires 20 Pc In VoIP Co MediaRing; Synergy
Earnings Digest: Spice Communications, Zee News
Cellebrum To Establish R&D Unit In Bangalore, Dubai

You May Also Like


While Airtel added 3.75 million active connections in February, Vi, formerly Vodafone Idea (down 0.23 million) and Reliance Jio (down 0.17 million) saw declines....

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ