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.
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