Spice Televentures hikes stake in Spice Mobiles

Spice Mobiles Ltd has announced that the company have been intimated by Spice Televentures Pvt Ltd ('Acquirer') and Spice Enfotainment Ltd and Twenty First Century Capitals Ltd (together the 'Sellers') that they have entered into a share purchase agreement on April 15, 2009 for acquisition by the Spice Televentures Pvt Ltd from Spice Enfotainment Ltd and Twenty First Century Capitals Ltd of 2,90,60,270 (38.93%) and 30,73,694 (4.12%) equity shares, respectively, aggregating to 3,21,33,964 equity shares constituting 43.05% of the paid-up share capital of Spice Mobiles Ltd. The acquirer and the sellers together form part of the promoter and promoter group of the company. Currently the acquirer holds 20.18% of the equity share capital of the company and accordingly, post acquisition of the abovesaid shares from the sellers would hold 63.23% of the equity share capital of the company. In furtherance to the aforesaid, the acquirer has undertaken to make a public announcement to the shareholders of the company making an offer in accordance with the provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, as amended.