Route Mobile up by more than 7% as board considers share repurchase

24 Jun 2022 , 02:02 PM

In Friday’s trading, shares of Route Mobile percent increased 11%. This took place after its board of directors resolved to hold a meeting on June 28 to discuss a share repurchase.

“A meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, June 28, 2022, inter alia, to consider a proposal for the buyback of fully paid-up equity shares of the Company, in accordance with the applicable provision under the Companies Act, 2013,” the company stated in a filing to the BSE post market hours on Thursday.

The stock increased 10.55% in response to the news, reaching a high of Rs1315.90. Despite this, the stock has lost 28% so far this year.

According to the company’s code of conduct for the protection of insider trading, the trading window will remain closed starting on June 23 until further notice is given to the stock exchanges.

Serving businesses, over-the-top (OTT) players, and mobile network operators, Route Mobile is a provider of cloud communications platforms (MNO). Solutions for messaging, telephony, email, SMS filtering, analytics, and monetization are included in its portfolio.

A wide range of industries, including social networking organizations, banks, and other financial institutions, e-commerce businesses, and travel aggregators, make up its varied company clientele.

The company, which has its global headquarters in Mumbai, is present throughout North America, Europe, the Middle East, and the Asia Pacific.