Route Mobile shares fall as board approves buyback
Published On: Wednesday, June 29, 2022 | By: Team KnowMyStock
Shares of Route Mobile dipped 7 percent to Rs 1,236.65 on the BSE in Wednesday's trade, falling 10 percent in two trading days, after the board approved share buyback via Open Market. Route Mobile's board has approved the buyback by the company of its fully paid-up equity shares at a price not exceeding ₹1,700 per equity share (Maximum Buyback Price) and for an aggregate amount not exceeding ₹120 crores (maximum buyback size), from the shareholders of the company, excluding promoters, promoter group and persons who are in control of the company payable in cash via the 'Open Market' route through the stock exchanges mechanism," Route Mobile said in an exchange filing. The maximum number of shares bought back would be 705,882 which is 1.12% of the total number of paid-up shares of the company. The maximum buyback size represents 9.95 and 7.31 percent of the total paid-up equity share capital and free reserves of the company, respectively.
"The company shall utilize at least 50% of the Maximum Buyback Size i.e., INR 60,00,00,000 (Indian Rupees Sixty Crores only) ("Minimum Buyback Size") towards the Buyback and accordingly, based on the Maximum Buyback Price and Minimum Buyback Size, the Company will purchase an indicative minimum number of 352,942 Equity Shares," it added.The board has also approved the formation of a buyback committee and delegated its powers to the buyback committee to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient, usual or proper in connection with the buyback.
Tags: Route Mobile buyback opem market
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