CNBC-TV18 just reported, quoting agencies, that OnMobile Global is in talks with TCS for a potential stake sale. On being contacted by MediaNama, OnMobile CEO Arvind Rao said that “The news is unfounded,” and that they are not selling stake to TCS. Rao was in a meeting, and wouldn’t comment further, but we’ll try and get more info later, if warranted. As of now, the news development stands denied.
Following the rumor, the OnMobile Global stock has risen to Rs. 256.35, up 10.2%, and has reached an intra-day high of Rs. 261.45.
OnMobile’s Board of Directors recently approved a 1:1 issue of bonus shares to its equity shareholders, subjected to the approval of its shareholders. The company has announced that they’ve completed the deployment of the Latin America project.