Route Mobile board approves fund raising plan of Rs2000cr; Stock gains near 2%

The current market cap of the company is Rs11,299.92cr.

Sep 22, 2021 01:09 IST India Infoline News Service

Route Mobile Ltd has informed that the Board of Directors on Wednesday, September 22, 2021 has approved the proposal for raising of funds worth Rs2000cr.

The board has approved raising of funds through issuance of equity shares or other securities convertible into or exchangeable into Equity Shares or non-convertible debt instruments (with or without warrants) or any combination thereof through private placement, preferential issue, issuance of American Depository Receipts, Global Depository Receipts or Foreign Currency Convertible Bonds, Qualified Institutions placement, further public offer or through any other permissible mode or any combination thereof, in one or more tranches for an aggregate amount not exceeding Rs2000cr (rupees Two Thousand crore only).

In furtherance to above, the Board has decided to convene an Extra-Ordinary General Meeting (“EGM”) of the Members of the Company on Saturday, October 16, 2021 to seek the approval of the Members for the proposed fund-raising activities. 

At around 1:28 PM, Route Mobile was trading at Rs1,985.95 per piece up by Rs33.95 or 1.78%.

Previously, the scrip ended at Rs1,951.20 per piece on the BSE.

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