Route Mobile promoters to sell 57.56% stake to Belgium's Proximus

Belgian telecom service provider Proximus Group on Monday said it will buy a 57.56 per cent stake in Route Mobile for Rs 5,922 crore ($720.53 million).

Proximus will pay Rs 1,626.40 per share of the Indian cloud communications platform provider, the former said in a statement, compared with Route Mobile's closing price of Rs 1,625.35 on Friday.

Route Mobile's shares were down 1.7 per cent, reversing course after the stock jumped 8.3 per cent to Rs 1,759.90 after the announcement, its highest since February 2022.

The acquisition will trigger a mandatory takeover offer for up to an additional 26 per cent of the total outstanding shares at the same price per share according to Indian regulations, Proximus added.

($1 = Rs 82.16)