Business Standard

Spice to sell 875 towers, raise $800mn debt

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BS Reporter Mumbai
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.

 
 

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First Published: Dec 26 2007 | 10:14 AM IST

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