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Route Mobile shareholders approve raising Rs 2,000 crore via securities

A majority of shareholders also approved to increase limits of foreign portfolio investments in the company.

October 17, 2021 / 02:13 PM IST
Route Mobile | The stock gained 86 percent to Rs 651.10 as against the issue price of Rs 350 as on September 21, 2020.

Route Mobile | The stock gained 86 percent to Rs 651.10 as against the issue price of Rs 350 as on September 21, 2020.

Enterprise communication service provider Route Mobile has received shareholders approval to raise Rs 2,000 crore through sale of securities, according to the company's regulatory filing.

A majority of shareholders also approved to increase limits of foreign portfolio investments in the company.

The scrutinizer report filed late night on Saturday said that close to 95 percent of Route Mobile shareholders who participated in the process voted in favour of "raising funds through issuance of equity or such other securities up to Rs 2,000 crore".

Around 24.45 percent of public institution shareholders who participated in the voting voted against the proposal.

Over 99 percent of shareholders, who participated in the process, voted in favour of increasing "investment limits for foreign portfolio investors", according to the filing.
PTI
first published: Oct 17, 2021 02:16 pm

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