The board of directors of OnMobile Global has approved buyback offer worth ₹54.10 crore at a maximum price of ₹28 a share. The company intends to buyback from open market from all shareholders excluding promoters, promoter group, persons acting in concert and person who are in control of the company.

The stock had hit a 52-week high of ₹49.50 and a year low ₹12.50.

At maximum buyback price and maximum buyback size, the indicate maximum number of equity shares bought back would be 1.93 crore shares, which is 18.28 per cent of the total number of equity shares of the company. “If the equity shares are bought back at a price below the maximum buyback price, the actual number of equity shares bought back could exceed the indicative maximum buyback shares (assuming full deployment of maximum buyback size) but will always be subject to the maximum buyback size,” the company said in a disclosure to the stock exchanges.

The maximum buyback size represents 9.999 per cent and 7.778 per cent of the aggregate of the total paid-up equity capital and free reserves (including securities premium) of the company based on the audited standalone and consolidated financial statements respectively of the company for last financial year ended on March 31, 2019, it further said.

Currently, promoters hold 48.18 per cent stake in the company while FPIs own 2.57 per cent others, including retail investors, bodies corporate and HNIs, hold 48.48 per cent stake. Mutual funds do not hold any stake in OnMobile.

Related Topics
comment COMMENT NOW