Mumbai: Shares of handset maker Spice Mobility surged 20% on Monday ahead of the company’s board meeting to consider a proposal for delisting.

Spice Mobility’s stock zoomed 20% to 26.40—its upper circuit limit on the BSE.

At the NSE, it jumped 19.95% to touch its highest trading permissible limit for the day at 26.15.

In a filing to the BSE, Spice Mobility said, “... a meeting of the Board of Directors of the company will be held on January 2, 2015, inter alia, to consider the proposal received from ‘Smart Ventures Private Limited’, the promoter of the company, to voluntarily delist the equity shares of the company from the National Stock Exchange and BSE."

Smart Ventures hold 74.36% stake in the company, Spice Mobility’s latest shareholding pattern shows.