Spice Communications to sell 875 telecom towers

Spice Communications Ltd has announced that the Board of Directors of the Company at its meeting held on December 25, 2007, has decided to sell 875 Telecom Towers of the Company to a tower operating Company.

The company is to avail the borrowing facilities of up to US $ 400 Millions from Hong Kong and Shanghai Banking Corporation with requisite authority to finalize the terms and conditions as may be deemed fit and appropriate and subject to such approvals as may be required, and to avail borrowing facility of upto US $410 Millions from China Development Bank (CDB) for growth and network expansion in the existing telecom circles with requisite authority to finalize the terms and conditions as may be deemed fit and appropriate and subject to such approvals as may be required.

Source : Equity Bulls

Keywords