Modi Rubber cuts Spice Mobile stake to 4.2%

MUMBAI: In a related development, Modi Rubber, one of the Modi Group companies, has sold 11.93 lakh shares for Rs 2.4 crore in Spice Mobile, the group���s handset division.

The shares were sold in two bulk deals on June 9 and June 10. As per the information on the BSE, Modi Rubber sold 4.73 lakh shares at Rs 19.79 per share on June 9 for a total of Rs 94 lakh. The next day, 7.20 lakh shares changed hands at Rs 20.06 per share. The amount made by Modi Rubber was Rs 1.44 crore.

���The shares were sold in the open market and not to any individual investor,��� said company sources. Modi Rubber is not a promoter in Spice Mobile. It held 5.81% in Spice Mobile before selling the shares. Now, its stake stands reduced to 4.21%.

The sell-off represents 27.5% of Modi Rubber's stake in the handset division. Spice Mobile scrip closed at Rs 21.65 on Wednesday, down 2.04% over the previous close. Bulk deals are transactions that involve the transfer of more than 0.5% of equity shares of any listed company.