Route Mobile’s promoter Proximus Opal today offloaded a 1.94% stake in the company, generating Rs 203 crore through open market transactions, precisely via a block deal.
According to bulk deal data on the National Stock Exchange (NSE), Proximus Opal sold 12.24 lakh shares at a price of Rs 1,656.6 apiece. This sale reduces the promoter’s stake in the company, which stood at 83.11% as of June.
The promoter’s holding exceeded the regulatory norms, which require a minimum free float of 25% within three years of listing. Route Mobile had gone public in September 2020.
In a separate transaction, French investment bank Societe Generale acquired 3.39 lakh shares, representing a 0.53% equity stake, for Rs 56 crore. The shares were purchased at Rs 1,652.2 apiece.
However, the company’s shares ended 5.04% lower at Rs 1,640.8 apiece on Friday, despite a 1.62% gain in the BSE Sensex.
