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Shares of Route Mobile on Wednesday crashed 6.6 per cent at ₹1,240.10 on the BSE, after the company announced ₹120- crore buyback offer. The board of Route Mobile has approved a proposal of buyback of equity shares of the company at a maximum price of ₹1,700 a share from open market. The size of maximum buyback shares would be 7.05 lakh units, which is 1.12 percent of the paid-up equity, it said. The buyback of shares excludes promoters, promoter group and persons who are in control of the Company, it said.
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