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Route Mobile promoters will sell their entire 57.56% stake to Proximus Opal for Rs 5,922 crore

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The exchange filing said the promoters would sell their entire 3.64 crore shares to Proximus at Rs 1,626.4 per share, which is almost the same as Friday’s closing price.

Shares of Route Mobile hit a 52-week high on Monday after the company announced that its promoters had reached a share purchase agreement with Proximus Opal SA/NV and Proximus SA to sell their entire stake of 57.56%.

The exchange filing said the promoters would sell their entire 3.64 crore shares to Proximus at Rs 1,626.4 per share, which is almost the same as Friday’s closing price.

Following this transaction, Proximus Opal will make an open offer to acquire an additional 1.64 crore shares or 26% of the expanded voting share capital from the public shareholders of Route Mobile. The open offer price is also Rs 1,626.4 per share, equivalent to a total consideration of Rs 2,675 crore, subject to statutory approvals.

For a subsequent transaction, Proximus has also entered into a share sale agreement with private equity firm Clear Bridge Ventures LLP, an affiliate, under which Clear Bridge will acquire a non-controlling minority stake of up to 14, 5% for a total consideration of 299 million euros.

selling shareholder Stake sold
Chandrakant J Gupta (HUF) 0.57%
Rajdipkumar C Gupta (HUF) 0.47%
Sandipkumar C Gupta (HUF) 0.47%
Sandipkumar Chandrakant Gupta 14.63%
Rajdipkumar Chandrakant Gupta 14.63%
Chandrakant Jagannath Gupta 3.64%
Chamelidevi Chandrakant Gupta 3.64%
Sarika R Gupta 5.84%
Sunita S Gupta 5.76%
CC Gupta Family Trust 7.90%

This is the third transaction in the CPaaS space, which stands for Communications Platform as a Service. In June this year, Tanla Platforms approved the acquisition of ValueFirst Digital Media Pvt. Ltd., the third Indian CPaaS player for $42 million.

In the same month, Tata Communications reached an agreement to acquire US-based CPaaS company Kaleyra Inc. for an enterprise value of $250 million.

Shares of Route Mobile are trading up 8% at Rs 1,759.90.

(With contributions from Reema Tendulkar.)

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