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Our Bureau Mumbai, Sept. 9 The Aditya Birla Group-owned mobile telephony company Idea Cellular today announced a revised schedule for its open offer for acquiring 20 per cent equity shares in Spice Communications.

The offer now commences on September 17 instead of August 22, and the closing date has been revised to October 6 from the earlier September 11, a notice to the BSE by managers to the offer Lazard India said.

The open offer announcement was made by the company on the BSE on June 30. On August 14, the company announced there would be a delay in the open offer as it had yet to obtain approval from the markets regulator SEBI.

The open offer is a joint one by Ideal Cellular and Malaysian telecom company TM International. Under the open offer, 13.79-crore shares in Spice Communications would be acquired for Rs 77.30 a share. The open offer requirement was triggered when the Aditya Birla group acquired 40.8 per cent stake in the smaller rival telecom company Spice Communications for about Rs 2,176 crore at a price of Rs 77.30 a share.

In addition to this, Idea said it was also paying Rs 544 crore to the Spice group as non-compete fee, taking the total deal size to about Rs 2,700 crore. The scrip of Spice Communications closed at Rs 76, rising 0.80 per cent from its previous close, while Idea Cellular was up 2.72 per cent, closing at Rs 85.10 on Tuesday.

More Stories on : Stocks | Open Offers | Mergers & Acquisitions

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