The promoter entity of Route Mobile Ltd. offloaded 1.94% stake in the company for Rs 203 crore via open market transactions on Friday. Proximus Opal sold 12.24 lakh shares at Rs 1,656.6 apiece, according to bulk deal data on the NSE.
The promoter held 83.11% equity as of June, higher than regulatory norms that require a minimum free float of 25% within three years of listing. Route Mobile went public in September 2020.
French investment bank Societe Generale acquired 3.39 lakh shares (representing 0.53% equity) for Rs 56 crore. The shares were bought at Rs 1,652.2 apiece.
Route Mobile is a cloud communication platform service provider to enterprises, over-the-top players, and mobile network operators. The company reported a net profit of Rs 81.16 crore in the June quarter and revenue from operations of Rs 1,103.4 crore.
Shares of Route Mobile ended 5.04% lower at Rs 1,640.8 apiece on Friday, as compared to a 1.62% advance in the BSE Sensex.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
