The board of directors of Spice Communications, which met on December 25, 2007, approved a proposal to sell 875 telecom towers of the company to a tower operating Company.According to a release issued by Spice to the BSE today, the meeting also approved a proposal to avail the borrowing facilities of up to $400 million from Hong Kong and Shanghai Banking Corporation.The meet also approved a proposal to avail borrowing facility of up to $410 million from China Development Bank (CDB) for growth and network expansion in the existing telecom circles, the release added.
