Route Mobile shares gain after falling 8 percent on Proximus Group acquisition

The stock fell 8 percent on July 17 after the announcement. Around 76 lakh Route Mobile stocks changed hands on July 17, which is 10 times more than its monthly traded average.

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Route Mobile shares were up 1.65 percent on July 18 after falling 8 percent yesterday when the company announced that Proximus Group will acquire a majority 57.56 percent stake in Route Mobile.

The stock was trading 1.65 percent up at Rs 1512.6 at 9.57 am on the National Stock Exchange.

The stock fell 8 percent on July 17 after the announcement. Around 76 lakh Route Mobile stocks changed hands on July 17, which is 10 times more than its monthly traded average.

Proximus Group will acquire a 57.56 -percent stake in Route Mobile via Proximus Opal for Rs 59,224 million, said Route Mobile in an exchange filing dated July 17. The price per share is set at Rs 1626.40.

The transaction is expected to close within six to nine months.

The numbers

The acquisition of majority stake by Proximus Group will trigger a mandatory takeover offer of 26 percent of the total outstanding shares of Route Mobile at the same price of Rs 1,626.40, the company said. A mandatory takeover offer happens after an entity acquires more than 25 percent of a company and then has to make an open offer to give shareholders a fair chance to exit the company.

Post the majority takeover offer, a few founding shareholders of Route Mobile will re-invest €299.6 million to acquire 14.5 percent in Proximus Opal.

Chandrakant Gupta, Rajdipkumar Gupta, Sandipkumar Gupta, and seven other promoter group members will sell their entire stake in Route Mobile. After the share purchase agreement is completed, Rajdipkumar Gupta will still continue to be the group Chief Executive Officer and Managing Director of the company.

Route Mobile is a communications solutions company which provides automated SMS, WhatsApp notifications for order updates, appointment reminders and promotions, as well as voice-based and email solutions.

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