Update: More information on the proposed share buyback (pdf): - OnMobile plans to buy a minimum of 2.9 million shares and a maximum of 5.8 million shares. At Rs 86 per share, the minimum offer proceeds is at Rs 24.94 crore and the maximum proceeds is at Rs 49 crore. - The buyback will be from the open market and OnMobile will implement this buyback from the current surplus and cash balances. The company has Rs 289.8 crore in cash & cash equivalents as of September 30, 2014. - The buyback will close within six months of opening the offer. The board has the option to close the offer earlier provided at least 50% of the amount earmarked for the buyback has been utilized, by giving appropriate notice and completing all requisite formalities. - OnMobile should not buy shares from its promoters, promoter group, "persons in control and persons acting in concert". Following this buyback, OnMobile should not raise further capital or make another buyback offer for one year. Earlier: OnMobile Global board has approved a share buyback for an amount not more than Rs 49 crore, at a maximum of Rs 86 per share. Following this approval, the company's shares surged by 5% to Rs 72.60, from previous day's close price of Rs 69.15. This buyback comes at a particularly turbulent time for OnMobile as it had laid off around 383 employees during the quarter, in a bid to become profitable by the end of the financial year (ending 31st March 2015). The company had reported…
