Idea Cellular, an Aditya Birla Group firm, along with PACs, made an open offer to the shareholders of Spice Communications for acquiring 20 percent stake in the Telecom services provider for about Rs. 1,066.63 crores.

Persons Acting in Concert(PACs), including Telecom Malaysia International (TMI), TMI Mauritius, TM International Berhad and Green Acre Agro Services have made the open offer for acquiring 137,985,050 equity shares representing 20 percent of the paid-up equity share capital of Spice Communcations at Rs. 77.30 each.

Birla group has plans of merging Spice with itself through a share swap, where spice shareholders will get 49 Idea shares for every 100 Spice shares held. Moreover, this acquisition will give Idea two existing circles of Punjab and Karnataka with 4.4 million subscribers.

The offer will be open from August 22 till September 11.