Proximus Opal successfully completes the OFS to comply with the minimum public shareholding criteria

Route Mobile Limited (NSE: ROUTE, BSE: 543228), a leading global cloud communications platform service provider to enterprises, over-the-top (OTT) players, and mobile network operators, announced today that its promoter entity, Proximus Opal S.A., has successfully divested a 6.03% stake in the company through an Offer for Sale (OFS) on Sep 12 and 13, 2024, in addition to the 1.95% sell down that was completed on 26 July 2024, to comply with the minimum public holding requirement of 25%. The OFS was oversubscribed and received strong participation from long-only marquee investors.

With this development, Proximus Opal, part of the Proximus Group, has reduced its holding in Route Mobile from 83.11% to below 75% and is compliant with the minimum public shareholding criteria, in accordance with the regulatory guidelines set by the Securities and Exchange Board of India (SEBI).

Mark Reid, Finance Lead of the Proximus Group, expressed gratitude, stating, "We would like to extend our heartfelt thanks to all the investors for their enthusiastic participation in the OFS. This overwhelming response reinforces our confidence that we are on the right track with Route Mobile's growth strategy. We remain committed to supporting Route Mobile as it continues its upward trajectory."

Gautam Badalia, Group Chief Strategy Officer, Route Mobile Limited, added, "First of all, I would like to express my gratitude to all the investors who have believed in our long-term vision. The success of this OFS is a testament to our vision of revolutionizing enterprise communication. The fact that we received strong demand from long-only marquee funds places a tremendous responsibility on us to continue delivering exceptional results. We are motivated to unlock even greater value for all our shareholders and stakeholders."

Route Mobile continues to strengthen its position as a leader in the cloud communications industry, providing innovative solutions to clients across various sectors globally.

Shares of ROUTE MOBILE LIMITED was last trading in BSE at Rs. 1697.70 as compared to the previous close of Rs. 1665.15. The total number of shares traded during the day was 33508 in over 2911 trades.

The stock hit an intraday high of Rs. 1708.35 and intraday low of 1675.00. The net turnover during the day was Rs. 56731155.00.

Source : Equity Bulls

Keywords

ROUTEMOBILE INE450U01017 PromoterCompany ProximusOpalSA OFS StakeDivestment MinimumPublicShareholding