Spice Mobiles to merge with Spice Televentures The Spice Group has decided to consolidate its telecom business under one head.
The group plans to merge its two subsidiaries, Spice Mobiles and Spice Televentures Private Limited (STPL), into a combined entity, Spice Mobility. The promoter is planning to invest Rs 10 billion over the next two years towards expansion. Spice Mobiles, the mobile handset company of the group, also has a presence in Nepal and Bangladesh. STPL is the holding company for the group’s telecom businesses with subsidiaries such as Spice Digital, its mobile VAS business unit, and Spice Retail, which sells mobile phones and accessories. The boards of the two companies have accepted a share swap ratio of 7.91 shares of Spice Mobiles for every share held in Spice Televentures. Pursuant to shareholder approval, Spice Mobiles would issue 163.4 million equities to the shareholders of STPL. The equity capital of Spice Mobiles post-completion of the merger will comprise 190.9 million shares of Rs 3 each.
