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