Mumbai: Shares of telecom services provider Spice Communications shot up 11% to Rs59.25 in early trade at the BSE on reports that Baharin Telecom has joined race with Idea Cellular to acquire about 40% stake in B K Modi-controlled company.
Over 42.51 lakh shares changed hands on the bourse in early trade. The stock had closed at Rs 53.20 on 9 June.
Reports suggest that B K Modi wants to exit the company and Idea Cellular would be buying out 40% stake in Spice Communications.
However, Baharin Telecom is also understood to have joined the race with the AV Birla group company.
Sources close to the development said that Modis are evaluating an offer from Baharin Telecom (Batelco) and the entry of the middle east telecom major is going to push up the valuation of the company.