Route Mobile shines on acquiring balance stake in Route Connect
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Route Mobile is currently trading at Rs. 1588.80, up by 33.75 points or 2.17% from its previous closing of Rs. 1555.05 on the BSE.
The scrip opened at Rs. 1531.25 and has touched a high and low of Rs. 1594.35 and Rs. 1531.25 respectively. So far 4821 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1655.25 on 21-Jun-2023 and a 52 week low of Rs. 1131.00 on 23-Jan-2023.
Last one week high and low of the scrip stood at Rs. 1655.25 and Rs. 1531.25 respectively. The current market cap of the company is Rs. 9710.23 crore.
The promoters holding in the company stood at 58.32%, while Institutions and Non-Institutions held 28.45% and 13.24% respectively.
Route Mobile has acquired 2600 equity shares of face value of Rs 10 of Route Connect, a subsidiary of the company, from Call 2 Connect (Wholly Owned subsidiary of the Company). Pursuant to this, the holding of the company has increased from 74% to 100% of equity share capital of Route Connect.
The company is contemplating new line of business for which Route Connect is in process of procuring unified License and Virtual Network Operator License to inter?alia, cater the services as an Internet Service provider. Post this acquisition, Route Connect will become a wholly owned subsidiary of the company with dedicated objective of pursuing the aforesaid businesses. The acquisition will also simplify group structure & reduce compliance procedures.
Route Mobile is a cloud communications platform service provider, catering to enterprises, over-the-top (OTT) players, and mobile network operators (MNO).
