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Our Bureau

Mumbai, Aug. 14 Idea Cellular’s open offer for 20 per cent stake in Spice Communications has been put on hold pending observations from the Securities and Exchange Board of India.

The present schedule related to the open offer is going to be revised, Idea Cellular said in a communique on the BSE.

“SEBI has not provided us with their final comments. Once SEBI provides us with the final comments, we would get the same included in the Letter of Offer, which would be circulated to all the shareholders of Spice Communications,” said the spokesperson for Lazard India Private Ltd, the manager to the offer on behalf of Idea Cellular.

Idea Cellular had submitted the draft letter of the open offer to SEBI on July 14; SEBI was supposed to issue its observations in a month’s time.

“We have provided all clarifications sought by the regulators and will provide further clarifications if required,” the Lazard spokesperson said.

According to the earlier schedule, the open offer was supposed to start on August 22 and close on September 11.

The revised schedule of activities in respect of the Offer pertaining to acquisition of the equity shares of Spice will be announced separately on receipt of observations from SEBI, said a release sent to the BSE by Lazard.

Post the acquisition of Mr B.K. Modi’s 40.8 per cent stake in Spice Communications, Idea Cellular and persons acting concert, had on June 30 made an open offer to acquire up to 13.8 crore shares representing 20 per cent of the paid-up equity share capital of spice at a price of Rs 77.30 a share.

More Stories on : Open Offers | Mergers & Acquisitions | Telecommunications | Idea Cellular Ltd

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