Route Mobile's promoter entity - Proximus Opal - plans to sell up to 38 lakh shares, or 6.03 percent stake in the company through an Offer for Sale (OFS) on September 12-13, as per an exchange filing.
The floor price of the OFS is without any discount Rs 1,635 per share, and it will help the company meet the regulator's minimum public shareholding requirement.
The OFS will be open for non-retail investors on September 12, and for retail well as non-retail investors seeking to carry forward unallotted bids on September 13. A minimum of 25% of the shares on offer are reserved for Mutual Funds and Insurance Companies, while 10% of shares on offer will be for the retail category.
Shares of Route Mobile are down by 2 percent on YTD basis.
Earlier this year in May, Proximus Opal had acquired 83.1% stake in Route Mobile to become a promoter entity, making it one of the world's largest CPaaS (Communications Platform as a Service) player in terms of messaging volume. At the time of the deal, Route Mobile had said the acquisition helped enter mature markets like USA and Europe, expand product portfolio and unlock synergies.
The June quarter was the highest ever in terms of revenue, and the company became the largest enabler of WhatsApp-based ticketing for metro rails in India.
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