Spice Communications Ltd., the Indian mobile-phone unit of Telekom Malaysia Bhd., posted the biggest gain since its trading debut in Mumbai following a report that an overseas company may buy a stake.
Spice gained 11.2 percent, the most since its first day of trading on July 19, to 34.25 rupees as of 11:05 a.m. on the Bombay Stock Exchange today.
B.K. Modi, chairman of parent Spice Group, plans to sell his stake in the wireless carrier to overseas companies, India's NDTV Profit news channel reported yesterday. Emirates Telecommunications Corp. of the United Arab Emirates is in advanced talks to buy the stake, according to the report on the channel's Web site.
AT&T Inc. has offered to buy Modi's stake for 110 rupees a share, NDTV Profit reported. Modi is seeking 400 rupees apiece, the channel said.