The B.K. Modi-promoted Spice Telecom is looking at the possibility of offloading a 20 per cent stake through an initial public offering in November 2006 to raise $200-$250 million. Spice has around 2 million subscribers and operates in Karnataka and Punjab. It is also bidding for licences in Jammu & Kashmir, Uttar Pradesh East and West, Haryana, Himachal Pradesh and Rajasthan. Spice Telecom recently offloaded 49 per cent stake to Telekom Malaysia for around $180 million.
