Route Mobile public shareholders tender shares worth Rs 2,500 crore

Route Mobile public shareholders tender shares worth Rs 2,500 crore

Enterprise messaging firm Route Mobile's public shareholders have tendered shares worth about Rs 2,500 crore at current price for the company's ongoing open offer, according to a regulatory filing.

The open offer has been triggered with Belgium-based Proximus Group, through its subsidiary, initially acquiring a 57.56 per cent stake in enterprise messaging firm Route Mobile for Rs 5,922.4 crore in an all-cash deal.

The acquisition has triggered an open market offer for the sale of 26 per cent of Route Mobile in compliance with regulatory guidelines.

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

''1,57,68,803 equity shares have been tendered in the Escrow Demat Account (with The Hongkong and Shanghai Banking Corporation Limited (HSBC),'' Route Mobile said.

The tendered period has closed now.

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

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)