Spice buys over 20% in Singapore based MediaRing for Rs200 cr

Spice buys over 20% in Singapore based MediaRing for Rs200 cr
PTI
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First Published: Fri, Aug 28 2009. 07 23 PM IST
Updated: Fri, Aug 28 2009. 07 23 PM IST
Singapore/New Delhi: B.K. Modi-promoted Spice Group on Friday acquired over 20% stake in Singapore-based IT company MediaRing Ltd for about Rs200 crore.
“Spice will hold approximately 18.81% to 20.14% of the fully diluted share capital of the company, depending on how many employee option shares are purchased by Spice from the employee option holders,” MediaRing said in a filing to Singapore Stock Exchange.
MediaRing is a service provider for voice, data and computing services with a leading edge on Voice over Internet Protocol (VoIP) technology, and has global presence with subsidiaries in Kuala Lumpur, Tokyo, Shanghai and Beijing.
Spice is in digital and wireless space. The acquisition of MediaRing would further strengthen its position in the technology-driven services, a senior Spice official told PTI.
Asked whether Spice would further increase its holding in MediaRing, the official declined to comment.
The deal is likely to be completed by the end of this month, they confirmed.
Pursuant to the transaction, and subject to the approval of the Board, B.K. Modi and two others shall be appointed as new directors of the company with Modi as chairman of the Board, the filing said.
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First Published: Fri, Aug 28 2009. 07 23 PM IST