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OnMobile Global rallies 20% as promoter to offload stake at 100% premium

This sale is expected to be conducted within 75 days from the share purchase agreement.

ETMarkets.com|
Sep 16, 2019, 02.29 PM IST
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Shares of OnMobile Global hit upper circuit on Monday after the company during the weekend informed bourses that its promoter OnMobile Systems has entered into a share sale agreement with Jump Networks for the sale of 1.90 crore equity shares of the smallcap firm at a price Rs 75.50-78 apiece.

The scrip rallied 20 per cent to Rs 39.30, while the benchmark Sensex was down 234 points, or 0.63 per cent at 37,150.

This sale is expected to be conducted within 75 days from the share purchase agreement (September 13) date.

ONMobile’s strong portfolio of products and long-standing operator relationships together with the technology thrust provided by Jump Networks will help in cementing the company’s position as a global leader in mobile entertainment, ONMobile Global said in a regulatory filing.

It also added that leveraging a proprietary low bandwidth streaming technology and its reach to the next bottom billion of the society, Jump Networks investment can create tremendous impact in the lives of the masses by providing quality services across education, entertainment, mobile services.

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