Spice Mobility Ltd's share price has gone up 20 per cent to Rs 26.40 after the company informed BSE that it is considering a proposal to delist shares.

Spice Mobility Ltd on Monday said it is voluntarily delisting its equity shares from the NSE and the BSE.

"A meeting of the board of directors of the company will be held on January 02, 2015, inter alia, to consider the proposal received from 'Smart Ventures Private Limited', the promoter of the company, to voluntarily delist the equity shares of the company," said a statement.

"Further, as per the company's Code of Conduct for Prevention of Insider Trading, the trading window for dealing in the securities of the Company will remain closed for the Directors and Designated Employees of the Company covered under the said Code from December 27, 2014 to January 3, 2015," it added.

The company said equity shares of the company are presently listed in accordance with the provisions of SEBI (Delisting of Equity Shares) Regulations, 2009 and other applicable laws, if any.

As of September 30, 2014, Smart Ventures Private Limited, the promoter of the company, held 74.36 per cent stake in Spice Mobility.

Mahesh Prasad - Independent Non Promoter Trust held 20.72 per cent stake, followed by individual shareholders (2.83 per cent) and bodies corporate (1.44 per cent).

Spice Mobility has been among the Indian mobile phone brands that have managed to gain traction in the low end and mid end segments but have struggled to gain market share in the smartphone segment compared to the likes of Micromax and Karbonn. Spice does not figure in the top five brands in the Indian smartphone market according to IDC.

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