Route Mobile Promoter To Sell 6.03% Stake Via Offer For Sale

Route Mobile Promoter, Proximus Opal, plans to sell up to 3.8 million equity shares, or a 6.03% stake in the company, through an offer for sale.

Non-retail investors can bid for the OFS shares on Thursday, while retail and non-retail investors can bid on Friday for the unallotted bids carried forward from the previous day. The floor price for the OFS has been set at Rs 1,635 per share.

The company is conducting the sale to meet the minimum public shareholding requirement. Orders for the sale will be placed exclusively through BSE, while NSE Clearing Ltd. will act as the designated clearing corporation.

Non-retail investors have the option to carry forward their unallotted bids to the second day of the sale and revise their bids in accordance with OFS guidelines. At least 25% of the offer shares are reserved for mutual funds and insurance companies, subject to valid bids at or above the floor price.

Under the retail category allocation methodology, up to 3.8 million equity shares of Route Mobile, which represent 6.03% of the company's total issued and paid-up equity share capital as of Sept. 11, will be offered.

The allocation for retail investors will be determined based on the cut-off price or higher, with any unsubscribed portion from non-retail investors being made available to them.

The sale is being managed by Nuvama Wealth Management Ltd. and Emkay Global Financial Services Ltd.

Shares of the company closed 0.73% higher at Rs 1,638.90 per share, compared to a 0.49% decline in the NSE Nifty 50. The stock has risen 3.02% year-to-date and 2.52% over the past 12 months.