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Open offer for India’s Spice starts Sept 17

Posted by Yogesh on Tuesday, 9 September, 2008

NEW DELHI, Sept 9 – Malaysia’s TM International will now launch their open offer to buy up to 20 percent of Spice Communications on Sept. 17, the manager to the offer said on Tuesday.

The offer, to buy up to 138 million shares at 77.3 rupees each for a total of nearly $250 million, will close on Oct. 6, Lazard India said in a notice to the stock exchange.

The offer, which was originally scheduled to open on Aug. 22, had been deferred as the companies were still waiting for the stocks regulator’s approval.

The mandatory offer follows a three-way deal struck last week to acquire Spice by Idea Cellular, India’s fifth-largest mobile operator.

Under the deal, TM International’s 39.2 percent stake in Spice will be converted into Idea shares. TM, a unit of Telekom Malaysia , is also paying for a preferential allotment that will give it around a fifth of Idea.

Source Reuters

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