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Proximus Opal will offload 6.03% of its stake in Route Mobile via an OFS. The share price is set at ₹1,635 per share, with 38 lakh shares available for bidding across September 12-13.
Proximus Opal, the promoter of Route Mobile, plans to reduce its shareholding by offering a 6.03% stake in the company via an offer for sale (OFS). According to the exchange filing, the sale will take place over two days—September 12 and 13—through the Bombay Stock Exchange (BSE).
Proximus Opal aims to sell up to 38 lakh shares in Route Mobile, priced at a floor price of ₹1,635 per share. The sale could have an impact on Route Mobile's share price, which closed 0.7% higher at ₹1,638.90 on the National Stock Exchange (NSE) prior to the announcement.
The OFS will be conducted in two phases. Non-retail investors will be able to place their bids on September 12, while retail investors can submit their bids on September 13. A minimum of 25% of the shares have been reserved for institutional investors such as mutual funds and insurance companies, while 10% of the shares will be allocated to retail investors.
Non-retail investors who do not receive an allotment on September 12 can carry forward their bids to the next day. These bids will be applied to any unsubscribed shares in the retail category, providing an opportunity for these investors to increase their stake in Route Mobile.
Proximus Opal had acquired an 83.1% stake in Route Mobile in May 2024. The OFS will result in a reduction of its overall stake, but the company will still retain a significant shareholding. The sale comes at a time when Route Mobile’s stock has shown stability, with a slight increase in the share price before the OFS announcement.
With a reserved portion for mutual funds, insurance companies, and retail investors, the offer for sale is structured to attract a wide array of participants. The pricing of ₹1,635 per share, coupled with the market performance of Route Mobile, makes it an important event to watch for both institutional and retail investors. It remains to be seen how this stake sale will influence the company’s stock performance in the near future.
The OFS by Proximus Opal represents a strategic move to trim its stake in Route Mobile. With the sale spread across two days, the participation of both retail and institutional investors is expected to shape the company's shareholding dynamics going forward.
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This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
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