Key Points
Shares of Route Mobile jumped over 8% on the NSE to hit their 52-week high of Rs 1,759.90 on Monday after the company said Belgian telecom service provider Proximus Group will pick a majority stake in the firm..
Under the deal, Proximus Group will acquire 57.56% of the shares in Route Mobile through Proximus Opal, for an initial Rs 5,922.4 crore (EUR ~643 million) at a price of Rs 1,626.40 per share..
The acquisition will trigger a mandatory takeover offer for up to an additional 26% of the total outstanding shares at the same price per share according to Indian regulations, Proximus added...
The acquisition of the majority stake in Route Mobile and the takeover offer will be followed by a reinvestment of EUR ~299.6 million by some of the founding shareholders of Route Mobile, for up to 14.5% shares of Proximus Opal..
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