(Times of India via NewsEdge) Cellular service provider Spice Telecom plans to go for an initial public offering by March of this year.
The aim is to raise an amount of around $150 million to fund the company's expansion plans.
Spice Telecom chairman and managing director Dilip Modi said that the company will offload about 15% to 20% stake to raise the required sum.
Spice Telecom, in which Telekom Malaysia holds a 49% stake, is part of Mcorp Global, a B K Modi company. Spice offers cellular services in Punjab and Karnataka.
The company has applied for licenses to operate in a number of other circles. It is also awaiting licenses for national and international long distance services.
'The board, which met in Bangalore, cleared the IPO plans of Spice Telecom,' B K Modi said.
The company has a debt of around $260 million. It has 2.5 million subscribers in India, out of the country's total subscriber base of over 100 million.
© 2007 The Times of India
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