Telekom Malaysia™ has announced that its Indian subsidiary Spice Communications has started a proposed listing on the Indian bourse with the filing of a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The DRHP outlines its intention to raise funds through an initial public offering (IPO) of 137,985,000 equity shares via a full book building process. TM has a 49% stake in Spice through TMI India, a wholly-owned subsidiary of TM’s international investment holding company, TM International. The remaining 51% is owned by Modi Wellvest Private. Both Modi and TM will dilute about 20% of their holdings and post-listing their stakes will be reduced to 40.8% and 39.3% respectively. At the end of 2006 Spice claimed a customer base of approximately 2.45 million, comprising 1.92 million pre-paid and 530,000 post-paid customers.