Published on 17/03/2017 1:03:25 PM | Source: Dion Global Solutions Ltd.

Spice Mobility gains on receiving nod to sell stake in Kimaan Exports

Posted in Stock On The Move | #Telecom Sector #Stock On The Move #Spice Mobility Ltd

Shares of Spice Mobility surged nearly 3 per cent on the Bombay Stock Exchange after it has received an approval for sale of entire stake in Kimaan Exports, a wholly owned subsidiary, to Spice Digital, another subsidiary of the company. Consequent to this, Kimaan Exports will cease to be a wholly owned subsidiary of the company and become step down subsidiary of the company.

The consideration of sale is not less than Rs 62.5 crore based on the valuation report, and will be received in tranches as per the terms agreed between the parties. The board of directors at its meeting held on March 16, 2017 has approved for the same. Boosted by the development, shares of company gained as much as 2.99 per cent at Rs 15.50 apiece on the Bombay Stock Exchange. In a similar fashion, stocks of company rose 2.67 per cent to Rs 15.40 apiece on the National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 29,671.94, up 86.09 points, or 0.29 per cent at 11:51 hours.