Onmobile Systems Inc has completed the acquisition of an additional 10.16% in BSE listed Onmobile Global, buying 11,900,000 shares for Rs 47.6 crore (around $8.14 million at current rates). This takes OMSI’s stake to 43.46%, from 33.31%. Note that Argo Capital held 74.7% of the voting share capital in OMSI, and former Onmobile CEO Mouli Raman (who resigned a couple of weeks ago) was also a shareholder, at last disclosure. The filing notes that promoters other than OMSI own 4.01% of the company.

It’s worth noting that many public shareholders were looking to exit the company at the offer price of Rs 40 per share: around 34,398,775 shares were tendered for acquisition, of which 11,900,000 shares were bought. At the time of filing this report, Onmobile was trading at Rs 32.10, up 0.65% in a market that is up 0.59%.

Onmobile’s current market cap is Rs 366.70 crore, with a free-float of Rs 238.35 crore. Public shareholding in the company has reduced to 50.03%, from 60.19%.

Details of the acquisition: download (pdf)

Major developments at Onmobile

– Mouli Raman, CEO and MD at Onmobile quit earlier this month. Raman was a co-founder, and had taken over in 2012 as MD of the company after former CEO and co-founder Arvind Rao had resigned, following “corporate governance issues”.

– Latin America head replaced: The company appointed Jacks Sterenfeld as the Vice President for Latin America, shifting from Telefonica, an Onmobile client in the region. David Fondots, VP and Head of North and Latin America operations had left the company in March.

– Other execs leaving: MV Rajesh, VP, Media (heading the media business, we’re told), has tendered his resignation but he is still with the company. Sumit Sardana, Senior Director and Head Account Management for Europe also resigned from the company in February. OnMobile CFO Rajesh Kunnath resigned in February. Kunnath left to pursue another opportunity, and as per his LinkedIn profile he has returned to Bennett Coleman and Co. Ltd. Rentala Chandrashekhar, an Independent director on board at Onmobile, had also resigned last month.

– The company is offloading its French arm, VoxMobili SA, to Synchronoss Technologies Inc for $26 million. Onmobile had acquired VoxMobili in 2007 for around $35.12 million. It’s important to note that Synchronoss had filed a lawsuit, alleging that Voxmobili and Onmobile USA LLC had infringed some of its patents. Synchronoss received $3 million as a part of a settlement from Onmobile. In a filing, where this is disclosed, Onmobile mentions that it “may have to pay to Synchronoss, an additional amount of USD 3,000,000, subject however to contingencies and conditions”.