BK Modi led Spice Mobility today said it has merged the company with its parent firm Spice Televentures.
The company said the amalgamation between Spice Mobility and Spice Televentures Pvt Ltd (STPL) has become effective from November 4, mobile handset maker said in a filing to the Bombay Stock Exchange.
Spice Televentures is a holding company which manages and operates the interests of Spice in the domain of telecom, mobile communication, and Spice Mobility had proposed the merger in January.
The merged entity would be called Spice Mobility after the the scheme of merger. Meanwhile, the company said, Divya Modi and D R Mehta will become Directors of Spice Mobility.
After the merger, STPL's business interests in value-added services (Spice Digital), retail (Spice Retail) and applications (Spice Labs) will become subsidiaries and interests of the new entity.
Following the merger, all the subsidiaries of Spice Digital -- Mobisoc Technology, Spice Labs, Spice Mobile VAS Pte. Ltd, Spice VAS (Africa) Pte, Spice Digital Nigeria would also be merged with Spice Mobility.
Share of Spice Mobility was trading at Rs 143 on the BSE, down by 0.59 per cent from the previous close.
