Spice Mobility allots 16.34 cr shares on Televenture's merger

MUMBAI: Telecom equipment maker Spice Mobility Ltd today said it has allotted over 16.34 crore equity shares of Rs 3 each to the shareholders of Spice Televentures Pvt Ltd, which was merged with the company earlier this month.

In accordance with the scheme of amalgamation, the company issued the equity to sharholders of erstwhile Spice Televentures Pvt Ltd, Spice Mobility informed the Bombay Stock Exchange (BSE) in a filing.

The equity capital of Spice Mobility increased to over Rs 71.42 crore divided into over 23.80 crore equity shares of Rs 3 each following the latest allotment, it said.

The shareholding of Spice Global Investments in Spice Mobility rose to 16,34,48,285 equity shares, constituting 68.65 per cent of the total paid up capital of the company, pursuant to the allotment of the aforesaid shares, it said.

Consequently, Spice Mobility has become a subsidiary of Spice Global Investments Pvt Ltd, it said.

Earlier, the scheme of amalgamation between Spice Mobility and Spice Televentures Private Limited became effective on November 4 on filing of the respective court orders with the registerar of companies by both the firms, it said.

Shares of the company closed at Rs 138.10, down 2.33 per cent from the previous close on the BSE.