The Securities and Exchange Board of India has cleared Spice Televentures' Rs16-crore open offer for purchasing a 20 per cent additional stake in its subsidiary Spice Mobile.
The open offer was announced on 20 April by B K Modi group firm Spice Televentures through its merchant banker Enam Securities. According to SEBI, it issued its necessary observations on the open offer on 26 May, clearing the way for the open offer.
The open offer is scheduled to begin on 11 June and closes on 30 June, under which Spice Televentures would acquire up to 1.49 crore shares representing a 20 per cent stake in Spice Mobiles at a price of Rs10.90 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 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.
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