Idea makes open offer to Spice shareholders

June 30th, 2008 - 2:46 pm ICT by IANS  

Mumbai, June 30 (IANS) Aditya Birla group telecom company Idea Cellular has made an open offer to shareholders of Spice Communications, in which it had bought a controlling interest last week. The offer will open on August 22 and will close on September 1. In a regulatory intimation Monday, Idea Cellular said Lazard India on its behalf, along with TMI India Ltd, TMI Mauritius Ltd, TM International Berhad, and Green Acre Agro Services - persons acting in concert or PACs, has issued a public announcement to Spice shareholders.

Accordingly, the company and PACs are offering up to 137.98 million equity shares of a face value of Rs.10 each, representing in aggregate 20 percent of Spice’s paid-up capital, at Rs.77.30 per share.

Idea said it would spend up to Rs.37.9 billion ($886.5 million) and issue new shares following its acquisition of the controlling interest in Spice through a cash and share deal.

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