Route Mobile jumps on inking agreements with Teledgers
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Route Mobile is currently trading at Rs. 1679.00, up by 22.05 points or 1.33% from its previous closing of Rs. 1656.95 on the BSE.
The scrip opened at Rs. 1667.00 and has touched a high and low of Rs. 1727.25 and Rs. 1657.20 respectively. So far 13022 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2388.10 on 12-Oct-2021 and a 52 week low of Rs. 1396.00 on 24-Feb-2022.
Last one week high and low of the scrip stood at Rs. 1727.25 and Rs. 1541.15 respectively. The current market cap of the company is Rs. 10624.11 crore.
The promoters holding in the company stood at 59.82%, while Institutions and Non-Institutions held 25.95% and 14.22% respectively.
Route Mobile’s wholly-owned subsidiary -- Route Ledger Technologies (Route Ledger) has entered into an agreement to Transfer Business (BTA) and a License Agreement with Teledgers Technology (Teledgers), Gurugram, Haryana, and the existing shareholders (as mentioned in BTA) for acquisition of technology solutions and associated identified customer contracts (Business), on a slump sale basis. Technology solutions acquired by Route Ledger through the BTA include DLT platform (DLT meaning Distributed Ledger Technology) regularized by TRAI, and other high end security and data sharing systems based on blockchain technology which enables trusted digital service delivery of enterprise communication.
The acquisition would enable Route Ledger to expand its solution offerings to telecom operators. In addition to its existing firewall analytics and grey route monetization solutions, Route Ledger will also offer DLT and encrypted messaging solutions to Mobile Network Operators on the back of this acquisition. Further, Route Ledger will also extend the encrypted messaging solutions to its existing, and potential enterprise customer base.
Advance purchase consideration of Rs 4.9 crore shall be paid to the seller within 30 business days from the date of signing of the BTA, and upon closing of the acquisition, Rs 125 crore in cash for acquiring the technology solutions and its related customer contracts of the target entity. In addition, Route Ledger will also pay a license fee of Rs 10 lakh to Teledgers under the license agreement.
Route Mobile is a cloud communications platform service provider, catering to enterprises, over-the-top (OTT) players, and mobile network operators (MNO).
