OnMobile Global receives approval from the board of directors for share buyback

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OnMobile Global receives approval from the board of directors for share buyback

December 12, 2014

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OnMobile Global has received an approval from its board of directors for the buyback of its equity shares in the open market through stock exchange mechanism. The company will buy-back shares at a maximum price of Rs 86 per share, payable in cash for an aggregate amount of Rs 490 million. The company had earlier bought back its equity shares in 2011.

Apart from this, OnMobile System Inc, the largest shareholder of the company with 44.57 percent stake as, had given an voluntary open offer of around 10.03 percent stake (119 million shares) at Rs 40 a piece in February 2014.

OnMobile Global had cash equivalents of Rs 2.89 billion at the end of September 30, 2014. Earlier on December 9, 2014, the company stated that the trading window for dealing in securities of the company has been closed for designated employees and insiders from December 06, 2014 to December 15, 2014 as per the SEBI regulations.