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Capital market regulator Securities and Exchange Board of India has cleared promoter Spice Televentures' Rs 16-crore (Rs 160-million) open offer for purchasing a 20 per cent additional stake in Spice Mobiles.
The open offer was announced on April 20 by B K Modi group firm Spice Televentures through its merchant banker Enam Securities, and Sebi received the issue for its consideration on the same day.
According to Sebi, it issued its necessary observations on the open offer on May 26, thus clearing the way for the open offer.
he open offer is scheduled to begin on June 11 and closes on June 30, under which Spice Televentures would acquire up to 1.49 crore (14.9 million) shares representing a 20 per cent stake in Spice Mobiles at a price of Rs 10.90 a share.
Earlier in April, Spice Televentures, which already held 20.18 per cent equity in Spice Mobiles, reached an agreement to increase its stake in the company to 63.23 per cent through purchase of shares from two other promoter group entities.
The company had said Spice Televentures would acquire about 3.2 crore (32 million) shares, amounting to a 43.05 per cent stake, from Spice Enfotainment and Twenty First Century Capitals Ltd. The three entities together form part of the promoter and promoter group of Spice Mobile.