Mumbai: Aditya Birla Group firm Idea Cellular said that its open offer for acquiring 20% equity shares in the BK Modi led firm Spice Communications will now be open from September 17.
Spice Communications informed the Bombay Stock Exchange (BSE) that the schedule of the opening and closing of the open offer has been revised to 17 September and 6 October from earlier 22 August and 11 September, respectively.
On 30 June, Idea Cellular had announced the open offer for acquiring about 13.79 crore shares in Spice Communications at a price of Rs77.30 per share. However, on 14 August, the offer was deferred to a later date following a delay in approval for the same from the market regulator SEBI.
Shares of Spice Communications were trading at Rs76, up 0.80% in the afternoon trade, while shares of Idea Cellular were trading at Rs85.20, up 2.84% on the BSE.