A much awaited offer for Onmobile Global* shareholders: after several conference calls where shareholders were asking the company to buy back shares, its largest shareholder Onmobile Systems Inc has made an open offer for 10.03% of the company's shares for a total consideration of Rs 47.6 crore (around $7.6M), offering existing shareholders an opportunity to exit at Rs 40 per share for maximum of 11,900,000 shares. This is a voluntary open offer, which allows any shareholders that want to exit, an option. More here. The Onmobile shares closed today at a price of Rs 30.4, up Rs 1.4 for the day. At Rs 40 per share, the offer price is: - 31.58% (Rs 9.6) higher than the current price of Rs 30.4. At that price, this open offer would have cost Onmobile Rs 36.17 crore - 4.31% (Rs 1.8) lower than the 52 week high of Rs 41.8. At that price, this open offer would have cost the company Rs 49.74 crore - 2.1 times (and Rs 20.95 higher) than the 52 week low of Rs 19.05. At that price, this open offer would have cost the company Rs 22.67 crore. Onmobile's current market cap is Rs 347 crore, with a free-float of Rs 225 crore. While technically, this is not a buyback from Onmobile Global, it is in the same vein: financial / retail investors are getting an exit, and Onmobile Systems Inc's shareholdering is increasing. This offer can also been seen as Argo Capital, which owns 74.7% of the voting share capital in…
- Flipkart Not Required to Take “Action” on Copyright Complaints Under Platform Regulation Rules: Delhi HC March 21, 2023
- RTI: Indian govt says registration on U-WIN “not compulsory” yet for vaccination, but is the information public? March 21, 2023
- Cybersecurity rules: Only 15 entities reported incidents within the stipulated 6 hours, RTI reveals March 21, 2023
- MediaNama Daily: A Copyright Conundrum March 21, 2023
- Now Health Ministry says: ‘No report’ on the creation of health database by e-pharmacies March 20, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...