Route Mobile rises after shareholders approve raising Rs 2,000 cr via securities

Route Mobile jumped 3.06% to Rs 2,290 after cloud solution services company received shareholders approval to raise Rs 2,000 crore through sale of securities and increase limits of foreign portfolio investments in the company.

Oct 18, 2021 11:10 IST capital market

According to the scrutinizer report filed on Saturday (16 Oct), the company said that 95.09% of shareholders voted in favour of raising funds through issuance of equity or such other securities up to Rs 2,000 crore.

Meanwhile, over 99% of shareholders, who participated in the process, voted in favour of increasing investment limits for foreign portfolio investors, according to the filing.

Route Mobile is a cloud communications platform service provider, catering to enterprises, over-the-top (OTT) players, and mobile network operators (MNO). RMLs portfolio comprises solutions in messaging, voice, email, SMS filtering, analytics, and monetization.

The company s consolidated net profit jumped 27.4% to Rs 34.32 crore on a 21.9% increase in net sales to Rs 377.52 crore in Q1 FY22 over Q1 FY21.

The company will announce its Q2 FY22 results today, 18 October 2021.

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