Moneycontrol Bureau
Shares of Spice Mobility rallied more than 11 percent intraday Friday on acquisition of 26 percent stake in New Delhi-based telecom and mobile internet company.
"Spice Mobility Spice Digital (SDL), a subsidiary of the company, has acquired 26 percent stake in Creative Functionapps Lab Private Limited that incorporated on November 2013," said the mobile handset maker in its filing.
Consequent to the said acquisition, Creative Functionapps has become an associate company of SDL.
Creative Functionapps is engaged in the business of telecom and mobile internet and developing innovative products and solutions for the next generation telecom networks. The products and solutions of the company range from analytics based telecom network performance and monitoring to mobile and internet consumer services, it added.
At 09:28 hours IST, the scrip of Spice Mobility was quoting at Rs 24.10, up Rs 2.45, or 11.32 percent on the Bombay Stock Exchange.
Posted by Sunil Shankar Matkar
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