(Rpt under correct file number)

Bangalore, Jan 3 (UNI) Mobile Operator in Karnataka and Punjab circles, Spice Communications will come out with an IPO by March end to raise 150 million dollars to fund its new projects, besides debt servicing.

MCorp Global Chairman Dr B K Modi and Spice Telecom Chairman and Managing Director Dilip Modi told UNI that the company would be offloading 15 to 20 per cent share in the IPO.

Mr Modi said the company would shortly file the prospectus before SEBI for the IPO.

Spice Telecom is a joint venture between MCorp Global and Malaysian Telecom, with the former holding a 51 per cent stake and the foreign partner 49 per cent.

Mr Modi said the company was expecting to get both national long distance and International Long Distance (ILD) license by the end of the month. Using the ILD, SpiceCom would tie up with the Malaysian partner, which had 25 million subscribers spread across nine countries, including Sri Lanka and Bangladesh.

UNI