Route Mobile Promoter Sells 6% Stake via OFS at Rs 1,635 Floor Price
Route Mobile’s promoter entity, Proximus Opal, announced the sale of a 6% stake in the company through an Offer for Sale (OFS). The floor price for the OFS has been set at Rs 1,635 per share, which is on par with Route Mobile’s closing price on Wednesday.
The OFS will take place on September 12-13, 2024, and will involve the sale of up to 38,00,000 equity shares. The company is conducting this sale to meet the minimum public shareholding requirement set by the market regulator.
Reasons Behind the OFS
Route Mobile’s decision to sell a portion of its shares through an OFS is driven by the need to comply with the minimum public shareholding norms. By divesting 6% of its stake, the company aims to increase the number of shares available for public trading and meet the regulatory requirements.
The floor price of Rs 1,635 per share has been set without any discounts, ensuring that the sale is conducted at a fair market value. This move is expected to provide an opportunity for investors to acquire shares in Route Mobile at a competitive price.
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Impact on Route Mobile’s Stock
The announcement of the OFS has the potential to impact Route Mobile’s stock price in the short term. Investors will closely monitor the market’s response to the sale, as a significant increase in public shareholding could lead to increased liquidity and potentially higher valuations for the company.
However, it’s important to note that the long-term performance of Route Mobile will depend on various factors, including its financial performance, market conditions, and overall investor sentiment.
