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Spice Mobility to acquire additional 10.78% stake in Spice Digital

The Board Finance Committee at Spice Mobility Limited has decided to acquire an additional 10.78% stake in its subsidiary, Spice Digital Limited, the company informed BSE. Currently, Spice Mobility holds a 89.19% stake in Spice Digital, which will go up to 99.97%. This transaction is expected to be completed in one month's time. The value of the deal is Rs 34.56 crore, which Spice Mobility will pay in cash. The timing of this additional stake acquisition is interesting. Last month, Spice Digital got the final Certificate of Authorization (COA) from the Reserve Bank of India (RBI) to set-up as an operating unit under the Bharat Bill Payment System. It had received an in-principle approval from the RBI back in May 2016. It joined other non-bank entities such as Oxigen, PayU, TechProcess Payment Services, Euronet and Paytm to set up a Bharat Bill Payment Operating Unit (BBPOU). It's worth noting that Spice Digital also has a digital wallet license, running the Spice Money wallet service. In January this year, Spice Money began processing payments over the Aadhaar Enabled Payment System (AEPS), after receiving the authorisation from the National Payments Corporation of India (NPCI) to offer AEPS services in October last year. Spice Mobility financials Spice Mobility’s device business continues to face losses, although at a lower rate:  the segment posted a net loss before tax of Rs 1.38 crore for the quarter ended 31st March 2017, compared to a loss of Rs 8.12 crore in the same quarter last year, and a profit of Rs 80.56 lakh in the previous…

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