With reference to news item appearing in leading web portal titled “Spice Comm & Idea Cellular to merge with the swap ration of 49 idea shares for every 100 Spice Comm Shares held; stock buzzing”, Spice Communications Ltd has clarified to BSE as under :
1. Idea Cellular Ltd (Idea) together with its associate namely Green Acres Agro Services Pvt Ltd, currently holds 49.90% equity in Spice Communications Ltd (Spice). The other major shareholder in Spice is TMI India Ltd which holds around 49.0% equity. The balance around 1.1% is held by public. This shareholding is post the open offer formalities under the SEBI Takeover Code completed in the month of October, 2008, full disclosures regarding which were made from time to time under various legal requirements to the Exchange.
2. Through a communication dated June 25, 2008, Spice has, inter alia, communicated to the Exchange that it is proposed to merge Spice with Idea with a swap ratio of 49 shares of Idea for every 100 shares in Spice
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