OnMobile Global surged 7.92% to Rs 36.80 at 11:56 IST on BSE after the company executed a non-binding memorandum of understanding for the potential divestment of its group company, Voxmobili SA.
The announcement was made during market hours today, 9 April 2014.
Meanwhile, the S&P BSE Sensex was up 56.67 points or 0.25% at 22,400.12
On BSE, so far 9.02 lakh shares were traded in the counter as against average daily volume of 2.51 lakh shares in the past one quarter.
The stock hit a high of Rs 38.10 and a low of Rs 34.15 so far during the day. The stock had hit a record low of Rs 19.05 on 6 August 2013. The stock had hit a 52-week high of Rs 41.80 on 16 May 2013.
The small-cap company has equity capital of Rs 114.23 crore. Face value per share is Rs 10.
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OnMobile Global executed a non-binding Memorandum of Understanding (MoU) for the potential divestment of its group company, Voxmobili SA, which specializes in mobile telecommunication products. The proposed deal will be subject to and contingent upon certain events, including applicable regulatory and shareholders' approvals. If the proposed deal were to consummate, OnMobile could realize an amount ranging between $23 million to $26 million for the divestment of the said company (which is around its book value), subject to escrows and other conditions customarily contracted as a part of such a deal, the company said.
OnMobile Global reported consolidated net loss of Rs 8.37 crore in Q3 December 2013 as against net profit of Rs 20.64 crore in Q3 December 2012. OnMobile Global's consolidated net sales rose 28% to Rs 225.47 crore in Q3 December 2013 over Q3 December 2012.
OnMobile Global, headquarted in Bangalore with services in 59 countries, is one of the largest white-labeled data and value added services (VAS) companies for mobile, landline and media service providers.
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