Mumbai: Indian mobile handset maker S Mobility Ltd, part of the diversified Spice Global Group, said on Friday that S i2i Mobility Pvt. Ltd – a wholly owned unit of Spice Global Investments Pvt. Ltd – had acquired the entire stake held in the company by Spice Global Investments.
After the transaction, S i2i Mobility has now become the holding company of S Mobility, with a 68.65% stake in the company. Consequently, S i2i Mobility has now become the promoter of S Mobility Ltd.
The company, earlier called Spice Mobility Ltd, makes and sells its own Spice-branded mobile phones and tablet computers through company-owned and other retail outlets. It also provides value-added services to some local telecom operators.
Investors reacted negatively, sending shares 2.5% lower to Rs75 on the Bombay Stock Exchange at 3:10 pm local time, compared with the 1.1% gain in the benchmark Sensex.