Spice Digital IPO : Planning an IPO in FY10-11 end

by khalid on 23/08/2010 · 0 comments

Spice Digital is a part of the B K Modi-promoted Spice group. The company is planning its IPO in FY 11-12 end to raise over Rs 200 crore. The company will dilute up to 25% stake through the IPO.

The device arm of the Spice Group, Spice Mobility, led by Dilip Modi, also plans to raise about Rs 500 crore through qualified institutional placement (QIP) and sale of treasury stocks. Spice Mobility will have treasury stocks worth Rs 4.2 crore as a result of the reverse merger process. The company plans to sell shares worth Rs 3 crore of this to raise funds. Spice Mobility will start the fund raising process by the third quarter of this fiscal year.

The proceeds of the public issue are proposed to be utilized to enhance its R&D facility, set up design studio, brand building and also to foray in other markets including South Africa, Middle East and South East Asia.

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