Spice Communications (Spice) vaulted 33.12 per cent to Rs 72.35 after Idea Cellular, the country's fifth-largest mobile operator in terms of subscribers, said it would buy 40.8 per cent stake in the company for Rs 2,175.91 crore, or at Rs 77.30 per share.
The deal would help Idea consolidate its position with its subscriber market share increasing from 9.5 per cent to 11.1 per cent. The deal would give it a foothold in Punjab and Karnataka.
The counter witnessed trading volumes of 4,88,00,000 shares (4.6 times its two-week average volume). The stock hit a new 52-week high on Wednesday at Rs 73.40; its 52-week low being at Rs 23.25 on January 22(Source: B.S)
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