Spice Mobiles said its promoter Spice Televentures’ Rs 16.27-crore open offer for a 20 per cent stake in the company will begin on June 11. Spice Televentures would acquire up to 1,49,27,600 shares at a price of Rs 10.90 a share, aggregating over Rs 16.27 crore from the existing shareholders. The open offer will close on June 30.

The move is part of Spice Group’s initiative to bring all its business under Spice Televentures. Shares of Spice Mobiles plunged 2.68 per cent to hit a lower circuit at Rs 10.90 on BSE. Last week, Spice Televentures, which already holds 20.18 per cent equity in Spice Mobiles, had reached an agreement to increase its stake in the company to 63.23 per cent through purchase of shares from two other promoter group entities.