Route Mobile approves buyback through open market route

The Board of Directors of Route Mobile Limited ("Company") at its meeting held today i.e. on June 28,2022 has approved the buyback by the Company of its fully paid-up equity shares having face value of INR 10/- (Indian Rupees Ten only) each ("Equity Shares") at a price not exceeding INH 1,700 (Indian Rupees One Thousand Seven Hundred only) per Equity Share ("Maximum Buyback Price") and for an aggregate amount not exceeding INR 120,00,00,000 (Indian Rupees One Hundred Twenty Crores only) ("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.

At the Maximum Buyback Price and for the Maximum Buyback Size, the indicative maximum number of Equity Shares bought back would be 705,882 ("Maximum Buyback Shares") which is 1.12% of the total number of paid-Up Equity Shares of the Company. If the equity shares are bough t back at a price below the Maximum Buyback Price, the actual number of equity shares bought back could exceed the indicative Maximum Buyback Shares (assuming full deployment of Maximum Buyback Size) but will always be subject to the Maximum Buyback Size. Further, the Buyback shall not exceed the Maximum Buyback Size, which represents 9.95% and 7.31% of the aggregate ofthe total paid-up equity share capital and free reserves of the Company based on the latest audited standalone and consolidared financial statements of the Company as on March 31, 2022, respectively and is.within the statutory limit of 10% of the aggregate of the fully paid-up equity share capital and free reserves of the Company under the board approval route.

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.

Shares of ROUTE MOBILE LIMITED was last trading in BSE at Rs. 1328.70 as compared to the previous close of Rs. 1364.45. The total number of shares traded during the day was 69526 in over 5598 trades.

The stock hit an intraday high of Rs. 1378.25 and intraday low of 1316.15. The net turnover during the day was Rs. 93660934.00.

Source : Equity Bulls

Keywords

ROUTEMOBILE INE450U01017 Buyback OpenMarketRoute