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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? 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…

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