The board of Route Mobile on Tuesday approved the share buyback of upto Rs 120 crore at a price not exceeding Rs 1,700 per equity share via open market.
The maximum buyback price of Rs 1,700 per equity share represents a 27.94% premium to Tuesday's closing price of Rs 1328.70 on the BSE.
The indicative maximum number of equity shares bought back would be 705,882 (maximum buyback shares), which is 1.12% of the total number of paid-up equity shares of the company.
The company shall utilize at least 50% of the maximum buyback size i.e., Rs 60,00,00,000 (minimum buyback size) towards the buyback, and accordingly, based on the maximum buyback price and minimum buyback size, the company will purchase an indicative minimum number of 352,942 equity shares.
Route Mobile is a cloud communications platform service provider, catering to enterprises, over-the-top (OTT) players and mobile network operators (MNO). RML's portfolio comprises solutions in messaging, voice, email, SMS filtering, analytics and monetization.
The company's consolidated net profit rose 29.15% to Rs 45.68 crore on a 72.74% jump in net sales to Rs 626.07 crore in Q4 FY22 over Q4 FY21.
Shares of Route Mobile were down 4.84% to Rs 1,264.40 on the BSE.
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