Updated April 14th, 2024 at 10:13 IST

Route Mobile shareholders tender Rs 2,500 crore in open offer

The open offer was triggered when Belgium-based Proximus Group, through its subsidiary, initially acquired a 57.56 per cent stake in Route Mobile.

Reported by: Business Desk
Route Mobile shareholders tender | Image:Route Mobile
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Route Mobile tender: Route Mobile's public shareholders have tendered shares worth approximately Rs 2,500 crore at the current price for the company's ongoing open offer, as per a regulatory filing.

The open offer was triggered when Belgium-based Proximus Group, through its subsidiary, initially acquired a 57.56 per cent stake in Route Mobile for Rs 5,922.4 crore in an all-cash deal. This acquisition led to an open market offer for the sale of 26 per cent of Route Mobile's shares to comply with regulatory guidelines.

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Depending on the outcome of the mandatory takeover offer (MTO), the stake held by Proximus Opal could increase to around 75 per cent of Route Mobile's shares.

Route Mobile reported that "1,57,68,803 equity shares have been tendered in the Escrow Demat Account (with The Hongkong and Shanghai Banking Corporation Limited (HSBC))." The tendering period has now closed.

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On Friday, shares of Route Mobile closed at Rs 1,600.65 apiece, down 0.54 per cent, on the BSE.

(with PTI inputs

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Published April 14th, 2024 at 10:13 IST