Cellular operator Spice Communications Ltd said on 19 June it has fixed the price band of its proposed public issue between Rs41 and Rs46 an equity share of Rs10 each.
“We have recently concluded a pre-IPO placement of 24,837,889 shares at Rs45 per share, thereby raising about Rs112 crore. A clutch of investors led by Lehman Brothers and Sinnaker Investments have picked up a small stake in Spice Telecom,” company chairman and managing director Dilip Modi told reporters at a press conference.
Following the IPO, the stakes of the both the promoters, B K Modi and Telekom Malaysia, would come down by 10% each.At present, B K Modi holds 51% and Telekom Malaysia, the remaining 49%.Post-IPO, Modi will hold 41% while Telekom Malaysia, 39%, with the public holding the remaining 20%.
Read more in The Livemint article.
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