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July 16, 2001
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Money > Business Headlines > Report July 16, 2001 |
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ModiCorp defers Singapore listingBaburajan K ModiCorp, the holding company of BK Modi group's cellular ventures, has put its Singapore listing plan on hold due to adverse market conditions. The group, however, will consider going to market to raise funds at a later stage. The company was planning to part-finance its expansion plans in India by utilising the overseas IPO proceeds. Though the company did not confirm the size, sources close to the group said it was planning to raise about $150 million. Prakash Nanani, chief operating officer, cellular business, ModiCorp, said: "Though we have postponed the overseas float, we have not yet shelved our plans for a listing at Singapore owing to adverse market conditions. We would consider going to the market again at a later point in time." Since Singapore Technologies Telemedia, the government-run firm, has a 20 per cent equity stake in ModiCorp, the promoters hoped that the presence of a leading firm will help them bring in more valuation through a listing on the Singapore bourse. Earlier, ModiCorp had considered listing the shares on the US or European bourses. Through the listing, both the main promoters and STT were planning to offer a part of their equity to the public and other investors. Modi Holdings holds 69 per cent stake in ModiCorp, Singapore Technologies Telemedia has 20 per cent, while employees and directors have the balance of 11 per cent. ModiCorp, which has decided not to bid for fourth cellular slots, is the fourth largest mobile operator in India. According to officials, ModiCorp is currently waiting for the right time to expand its cellular business. Though it is not bidding for fourth cellular circles, the group will aggressively expand its business in its three cellular circles. ModiCorp, via its cellular outfits - Spice Cell and Spice Communications - has a subscriber-base of 450,000. It has 185,000 users in Punjab, while in Calcutta the group has crossed 105,000 and its user-base in Karnataka is around 160,000. ModiCorp and its associates hold 51 per cent stake each in Spice Cell and Spice Communications, while the remaining 49 per cent stake is held by Distacom of Hong Kong and its associates, according to ModiCorp officals. Powered by YOU MAY ALSO WANT TO READ:
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