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Jump Networks Ltd to acquire 1.9 crore shares of OnMobile Global Ltd

Posted On: 2019-09-14 13:30:25

OnMobile Global Limited ('OGL' / 'the Company') has received the enclosed letter from OnMobile Systems Inc., Promoter of the Company (OMSI) informing about entering into a Share Purchase Agreement with Jump Networks Limited for the sale of 19,000,000 equity share of OGL at price ranging from INR 75.50 to INR 78.00 per equity share.

OnMobile Systems Inc. ("OMSI") is the Promoter of OnMobile Glogal Limited ("ONMOBILE") and currently holds 48.18% of the total issued and paid-up share capital of ON MOBILE.

OMSI has entered into a share purchase agreement dated September 13, 2019 (the "SPA Date") with Jump Networks Limited ("JUMPNET") for the sale of 19,000,000 equity shares of ON MOBILE at a price ranging from INR 75.50 per equity share to INR 78.00 per equity share (the "Share Purchase Agreement"). This sale is expected to be conducted within 75 days from the SPA Date and is subject to the conditions set out in the Share Purchase Agreement.

It is our belief that ONMOBILE's strong portfolio of products and long-standing operator relationships together with the technology thrust provided by JUMPNET will help in cementing ONMOBILE's position as a global leader in mobile entertainment.

Leveraging a proprietary low bandwidth streaming technology and its reach to the next bottom billion of the society, the JUMPNET investment can create tremendous impact in the lives of the masses by providing quality services across education, entertainment, mobile services, etc.

Shares of OnMobile Global Ltd. was last trading in BSE at Rs.33 as compared to the previous close of Rs. 30. The total number of shares traded during the day was 24842 in over 113 trades.

The stock hit an intraday high of Rs. 33.3 and intraday low of 29.75. The net turnover during the day was Rs. 784669.

Source: Equity Bulls

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