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OnMobile Buyback: So Far, 300,000 Shares For Rs 1.8 Cr Bought Back

OnMobile Global, India’s largest mobile VAS company, has announced that, as of October 7, 2011, it had bought back 300,000 equity shares through the BSE and NSE, for an aggregate Rs 1,80,50,500. The shares have a face value of Rs 10. The companys shares ended the day at Rs 59.75, and a market cap of Rs 704 crore, around $143.15 million. The free float was Rs 387 crore (around $79.14 million).

So far, OnMobile has bought back 7.5% of the proposed maximum buyback in terms of number of shares, and at 7.2% of the maximum amount allocated for the buyback. It plans to buy back a minimum of 1,000,000 shares. The company had proposed to buy back a maximum of 4,000,000 shares in the buyback, at a price not exceeding Rs 85 per share, for an aggregate amount not more than Rs 25,00,00,000. The companys board had approved the buyback on September 5th 2011, when the stock price was around the Rs 63.15 mark.

Do read our interview with OnMobile CEO Arvind Rao.

P.s. We’ll keep updating this post with details of OnMobile’s buyback status.

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