Reliance Cap to buy 14.96% in Spanco

Reliance Capital, a Anil Dhirubhai Ambani Enterprises (ADAE) company, today said it would acquire a 14.96 per cent equity stake in Spanco Telesystems and Solutions (STS) for Rs 32.27 crore. STS is a telecom solutions provider and is also into call centre services, with operations in four locations in India.

The company would subscribe to 29.8 lakh equity shares and 5.7 lakh equity warrants of STS for Rs 90.90 per share through a preferential allotment mode, Reliance Capital informed the Bombay Stock Exchange. The allotment is subject to STS shareholders' approval at its annual general meeting to be held on September 15.

This is the third strategic acquisition by Anil Ambani's ADAE group, through Reliance Capital, after the split in the Reliance empire. Reliance Capital had earlier acquired 51 per cent stake in Adlabs, a film distribution company, for Rs 360 crore.