Modi Rubber cuts Spice Mobile stake to 4.2%

Modi Rubber cuts Spice Mobile stake to 4.2%

In a related development, Modi Rubber, one of the Modi Group companies, has sold 11.93 lakh shares for Rs 2.4 crore in Spice Mobile, the group’s handset division. The shares were sold in two bulk deals on June 9 and June 10. As per the information on the BSE, Modi Rubber sold 4.73 lakh shares at Rs 19.79 per share on June 9 for a total of Rs 94 lakh. The next day, 7.20 lakh shares changed hands at Rs 20.06 per share. The amount made by Modi Rubber was Rs 1.44 crore. “The shares were sold in the open market and not to any individual investor,” said company sources. Modi Rubber is not a promoter in Spice Mobile. It held 5.81% in Spice Mobile before selling the shares. Now, its stake stands reduced to 4.21%.The sell-off represents 27.5% of Modi Rubber's stake in the handset division. Spice Mobile scrip closed at Rs 21.65 on Wednesday, down 2.04% over the previous close. Bulk deals are transactions that involve the transfer of more than 0.5% of equity shares of any listed company. 

Source ET