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This offer price is at par with Route Mobile’s Wednesday closing price of Rs 1,634 on the BSE.
The issue will open on Thursday for non-retail investors while retail investors will be able to subscribe on Friday.
Proximus Opal’s stake in Route Mobile stood at 83.11% as of June 30, 2024, and the OFS is being undertaken to meet the Securities and Exchange Board of India’s (Sebi’s) minimum public shareholding requirement.
The bids can be placed within the usual market timing. In the non-retail portion, a minimum of 25% of the OFS will be reserved for mutual funds and insurance companies, a company filing on Wednesday said.
The announcement was made post-market hours and Route Mobile shares ended up by Rs 9 or 0.55% over Tuesday’s closing price.A quota of 10% has been reserved for retail investors, and individual investors can place bids up to Rs 2 lakh.The stock has been a market laggard and delivered returns of 3% over the past one year. Its year-to-date returns (YTD) stand at Rs negative 2%.
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https://economictimes.indiatimes.com/markets/stocks/news/promoter-entity-proximus-opal-to-sell-6-stake-in-route-mobile-via-ofs-floor-price-set-at-rs-1635/share/articleshow/113263174.cms
