Spice Communications - Updates
Idea Cellular Ltd has informed BSE that :
“In compliance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 1997, please find below details of shares of SCL (Spice Communications Limited) acquired on this date July 07, 2008 by Idea Cellular Limited (”Idea” / “Acquirer”):
1) Mode of Acquisition : Open Market;
2) No. of Shares Acquired : 20,00,000 Equity Shares;
3) Average Market Price : Rs. 74.81 per share;
4) Total Percentage : 0.29%.
1) Mode of Acquisition : Block Trade;
2) No. of Shares Acquired : 281,489,313 Equity Shares;
3) Average Market Price : Rs. 77.30 per share;
4) Total Percentage : 40.80%.
We confirm that no shares have been acquired at a price over the open offer price of Rs. 77.30 per share.
Please note that the acquisition of these shares has not been completed and the shares are held in separate escrow accounts. Under the terms of the escrow agreement and in compliance with Regulation 23(6), these shares will be released to the Acquirer only once the Acquirer has fulfilled all its obligations under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997″.
Tags: Spice Communications