Spice Mobiles today said it will raise Rs 700 crore by share sales.
The board at its meeting held today has approved to raise Rs 700 crore by issuing Foreign Currency Convertible Bonds (FCCBs), Global Depository Receipts (GDRs) and through private placement of shares with potential buyers, Spice Mobiles said in a filing to the Bombay Stock Exchange (BSE).
Further, the board has approved the revised scheme of amalgamation of Spice Telemeters with Spice Mobiles.
The company however has not disclosed the revised scheme of amalgamation.
Shares of Spice Mobiles today closed at Rs 41.70 on the BSE, down 2.68 per cent from the previous close.
