Route Mobile on Monday announced that its promoters are selling 57.56 per cent shares of the expanded voting share for ₹5,922 crore, the company said in a regulatory filing. Opal S A is acquiring the shares sold by the promoters.
The sellers include Chandrakant J Gupta, Rajdipkumar C Gupta, Sandikumar C Gupta, Sandipkumar Chandrakant Gupta, Rajdip Kumar Chandrakant Gupta, Chandrakant Jagannath Gupta, Chamelidevi Chandrakant Gupta, Sarika R Gupta, Sunita S Gupta and Sandipkumar Chandrakant Gupta who holds shares as a trustee on behalf of CC Gupta Family Trust.
The sale of such equity shares under the SPA is proposed to be executed at a price of ₹1,626.40 per equity share in compliance with applicable law, including the Foreign Exchange Management Act, 1999, the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 and the SEBI (SAST) Regulations.
Rajdipkumar Chandrakant Gupta shall continue to serve as the group Chief Executive Officer and Managing Director of the Company post consummation of the SPA and any revision in his employment terms shall be subject to board and shareholder approval of the Company. In addition, Rajdipkumar will be appointed as the head of the communications platform as a service (CPaaS) business of the group.
Route Mobile shares
The shares of Route Mobile hit a 52-Week high and then fell down by 1.74 per cent to Rs 1,595.55.
