Route Mobile’s Promoter Entity Divested Stake to Below 75%

Route Mobile Limited, a prominent global player in cloud communication services, announced on September 13, 2024, a significant milestone in its corporate journey. Its promoter entity, Proximus Opal S.A., successfully divested a substantial 6.03% stake in the company through an Offer for Sale (OFS) conducted on September 12 and 13.

This strategic move, coupled with a previous 1.95% stake sale on July 26, 2024, was a proactive step to align with the Securities and Exchange Board of India’s (SEBI) minimum public shareholding requirements. The OFS garnered overwhelming interest from prominent long-only investors, underscoring the strong confidence in Route Mobile’s future prospects and its robust financial performance.

As a result of these strategic divestments, Proximus Opal, a subsidiary of the Proximus Group, has reduced its overall holding in Route Mobile to below 75%. This development ensures the company’s strict adherence to SEBI’s regulations while fostering a more diversified shareholder base.

Route Mobile’s unwavering commitment to innovation and excellence has solidified its position as a leading force in the cloud communications industry. The company continues to provide cutting-edge solutions to clients across various sectors worldwide, empowering businesses to enhance their communication capabilities and drive growth.

Mark Reid, Finance Lead of the Proximus Group, expressed gratitude, stating, “We would like to extend our heartfelt thanks to all the investors for their enthusiastic participation in the OFS. This overwhelming response reinforces our confidence that we are on the right track with Route Mobile’s growth strategy. We remain committed to supporting Route Mobile as it continues its upward trajectory.”

Gautam Badalia, Group Chief Strategy Officer, Route Mobile Limited, added, “First of all, I would like to express my gratitude to all the investors who have believed in our long-term vision. The success of this OFS is a testament to our vision of revolutionising enterprise communication. The fact that we received strong demand from long-only marquee funds places a tremendous responsibility on us to continue delivering exceptional results. We are motivated to unlock even greater value for all our shareholders and stakeholders.”

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