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Onmobile Global Board Approves Share Buyback

Update: We're going to interview OnMobile CEO Arvind Rao on Monday, the 12th of September. Many issues have been raised in the comments to this post. If you have any specific questions for him on the buyback, please mail them to us at nikhil@medianama.com September 5th 2011: OnMobile Global Ltd, which ended the last week with its shares priced at Rs 63.35 on the BSE, and Rs 63.15 on the NSE, has approved a buyback of shares for an amount not more than Rs 25 crore, at a maximum of Rs 85 per share, and buying back a maximum of 4 million shares. A few points to keep in mind: - The share's 52 week high on the BSE was Rs 200, on 6th October 2010, and its 52 week low was Rs 54.10 as recently as 19th August 2011. - The IPO, in Feb 2008, was priced at Rs 440. However, in March 2011, it approved a 1:1 bonus, making the stock more liquid. The current price should probably be seen in comparison with Rs 220, not Rs 440. - The company states that "The maximum amount to be deployed in the Buy-back is less than 10% of the total paid-up equity capital and free reserves of the Company as on March 31, 2011." We're not sure of what the intent behind the buyback is, but given that the company made the share more liquid with a 1:1 bonus in March, a buyback would reduce liquidity. The announcement: OnMobile…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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