Route Mobile share price reverses early gains after hitting 52-week high on promoter stake sale news; check details
₹1,634.80 apiece on BSE. The stock touched intra day high at ₹1,759.50 and low of ₹1571.85 apiece. At 11:40 IST, Route Mobile's stock had given up all of its gains and was down more than 2%. “The stock prices witnessed strong traction in morning session but the gains have been erased and infact prices have slipped into red as it is down more than 2.5% at the time of writing, The volume activity as well is very high.
One needs to wait for prices to settle from volatility. AS of now prices have a key range of support around 1510 - 1530 whereas 1700 - 1750 is resistance," said Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One. The promoters would sell entire 3.64 crore of their shares to Proximus for ₹1,626.4 per share, according to the exchange filing.
A sum of ₹5,922.4 crore will be the total consideration for the same. Following this transaction, Proximus Opal will make an open offer to purchase an additional 1.64 crore shares, or 26% of the increased voting share capital of Route Mobile, from the company's public shareholders. Subject to statutory approvals, the price of the open offer is similarly ₹1,626.4 per share, for a total consideration of ₹2,675 crore.
According to a statement to stock exchanges, some of thefounding shareholders of Route Mobile will reinvest $336 million in Proximus Opal for as much as a 14.5% stake. According to Proximus, the acquisition makes the combined business the third-largest communications platform-as-a-service (CPaaS) provider in the world by messaging volumes. It would get access to newer, faster-growing regions like Latin America, Africa, and India with this purchase, which also enables it to "capture value from the ongoing, generative AI-based, revolutions in
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