Spice Comm gets shareholders', creditors' nod for amalgamation
Telecom player Spice Communications on Thursday said it has received the approval from shareholders, secured and unsecured creditors of the company for amalgamation with Idea Cellular.
By PTI |
MUMBAI: Telecom player Spice Communications on Thursday said it has received the approval from shareholders, secured and unsecured creditors of the company for amalgamation with Idea Cellular.
The meeting was held on the directions of New Delhi High Court on September 11, to discuss the scheme of amalgamation of Spice Communications with Idea Cellular, Spice Communications said in a filing to the Bombay Stock Exchange.
It said the scheme of amalgamation was approved by the equity shareholders of the company with requisite majority and unanimously by the secured creditors and unsecured creditors of the company, the filing added.
Shares of Spice Communications were trading at Rs 71.50 on the BSE, down 1.58 per cent from previous close. Last year in October, Idea Cellular acquired 98.9 per cent in Spice Communication at Rs 77.30 a piece.
The meeting was held on the directions of New Delhi High Court on September 11, to discuss the scheme of amalgamation of Spice Communications with Idea Cellular, Spice Communications said in a filing to the Bombay Stock Exchange.
It said the scheme of amalgamation was approved by the equity shareholders of the company with requisite majority and unanimously by the secured creditors and unsecured creditors of the company, the filing added.
Shares of Spice Communications were trading at Rs 71.50 on the BSE, down 1.58 per cent from previous close. Last year in October, Idea Cellular acquired 98.9 per cent in Spice Communication at Rs 77.30 a piece.
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