 "stake sale, shares, investors, investment")
The promoters of Route Mobile will sell their entire 57.56 per cent stake in the company to Proximus Opal SA and Proximus SA for Rs 5,922 crore. In a regulatory filing, the company said that the promoters will sell 3.64 crore shares at Rs 1,626.4 apiece.
“The acquirer and the PAC have entered into the SPA dated 17 July 2023 with the Sellers pursuant to which the acquirer has agreed to acquire from the sellers 3,64,14,286 equity shares of the target company representing 57.56 per cent of the expanded voting share capital,” it said.
Priximus Opal is the acquirer in this deal, and Proximus is the PAC.
After this transaction, Proximus Opal will make an open offer to acquire another 1.64 crore shares or 26 per cent of the expanded voting share capital from the public shareholders of Route Mobile.
The price of the open offer will also be Rs 1,626.4 per share, taking the total deal value to Rs 2,675 crore.
In a subsequent transaction, Private Equity firm Clear Bridge will acquire up to a 14.5 per cent stake from the Proximus Group.
Brussels-based Proximus Group is a telecom group that provides digital services and communication in Belgium and the international markets.
In Belgium, its main products and services are offered under the Proximus, Scarlet, and Mobile Vikings brands.
The majority of stake in Proximus is held by the Belgian State (53.51 per cent).
The shares of Route Mobile hit a 52-week high of Rs 1,759.5 on Monday after the announcement. However, as of 10 am, it was trading at Rs 1,594.15, nearly 2 per cent lower than the previous close of Rs 1,624.85.
