Spice Commn decided to Sell Towers

Thebullishtrends: Spice Communications shares are trading at Rs.63.90(+7%). Spice Communications Ltd's Board of Directors of the Company has decided to sell 875 Telecom Towers of the Company to a tower operating Company.and 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 also decided to avail borrowing facility of upto US $410 Millions from China Development Bank (CDB) for growth and network expansion in the existing telecom circles.