Route Mobile Ltd Share Price – NSE  / BSE

IT - Software, Small Cap

Route Mobile announced today that its promoter entity, Proximus Opal S.A., has successfully divested a 6.03% stake in the company through an Offer for Sale (OFS) on 12 September and 13 September 2024, in addition to the 1.95% sell down that was completed on 26 July 2024, to comply with the minimum public holding requirement of 25%. The OFS was oversubscribed and received strong participation from long-only marquee investors.

With this development, Proximus Opal, part of the Proximus Group, has reduced its holding in Route Mobile from 83.11% to below 75% and is compliant with the minimum public shareholding criteria, in accordance with the regulatory guidelines set by the Securities and Exchange Board of India (SEBI).

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Route Mobile announced an offer for sale of up to 38,00,000 equity shares of the company (representing 6.03% of the total issued and paid up equity share capital of the company) by Proximus Opal (promoter of the company). The issue opens for non-retail investors on 12 September 2024 (T day) and for retail investors / non-Retail Investors who choose to carry forward their unallotted bids from T day on 13 September 2024. The floor price of the offer shall be Rs 1,635 per equity share.

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Route Mobile Ltd lost 1.04% today to trade at Rs 1580.85. The BSE Teck index is down 0.99% to quote at 19346.33. The index is up 5.39 % over last one month. Among the other constituents of the index, Just Dial Ltd decreased 1% and Tejas Networks Ltd lost 0.91% on the day. The BSE Teck index went up 32.88 % over last one year compared to the 21.58% surge in benchmark SENSEX.

Route Mobile Ltd has lost 0.71% over last one month compared to 5.39% gain in BSE Teck index and 1.59% rise in the SENSEX. On the BSE, 168 shares were traded in the counter so far compared with average daily volumes of 7465 shares in the past one month. The stock hit a record high of Rs 1942 on 15 Jul 2024. The stock hit a 52-week low of Rs 1388.6 on 04 Jun 2024.

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According to the exchange filing, the order pertains to availing of GST Input on expenses incurred on IPO/QIP. The Commissionerate has imposed a penalty of Rs 5,34,40,307, which includes GST of Rs 3,22,93,468, interest of Rs 1,79,17,498 and a penalty of Rs 32,29,341 for the financial years 2019-20, 2020-21, 2021-22, and 2022-23.

The company said that it shall file necessary appeal with the authorities within stipulated time of three months and the company does not expect any material impact of the same on financial, operations or other activities of the company.

Route Mobile (RML) 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. RML has a diverse enterprise client base across a broad range of industries including social media companies, banks and financial institutions, e-commerce entities and travel aggregators. RML is headquartered in Mumbai, India with a global presence in the Asia Pacific, the Middle East, Africa, Europe and North America.

The company's consolidated net profit fell 15.1% to Rs 78.52 crore in Q1 FY25 as against Rs 92.44 crore posted in Q1 FY24. However revenue from operations jumped 14.1% YoY to Rs 1,103.42 crore in Q1 FY25.

The scrip added 0.03% to Rs 1,578.20 on the BSE.

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