Spice communications to raise funds via IPO

New Delhi, May 24: Spice Communications Ltd today said it will soon raise funds by Initial Public Offering (IPO) through a 100 per cent book building process.

The company initially will offer about 137,985,000 equity shares.

The company is proposing, subject to market conditions and other considerations, a public issue of its equity shares and has filed a Draft Red Herring Prospectus with the SEBI, said a statement.

Spice Telecom, the brand name of Spice Communications Ltd is presently operating Cellular Phone Services in the states of Punjab and Karnataka.

Spice Telecom is amongst first cellular operators in Punjab and Karnataka, having business interests in the fields of Information, Communication and Entertainment (ICE).

UNI