Shares of OnMobile Global were locked in 20 percent upper circuit at Rs 39.30 on September 16 after the promoter signed an agreement to sell stake in the company to Jump Networks.
OnMobile Systems Inc (OMSI) is the promoter of OnMobile Global and holds 48.18 percent of the total issued and paid-up share capital of the company.
The company said OMSI has entered into a share-purchase agreement with Jump Networks for the sale of its 1.9 crore equity shares at a price ranging from Rs 75.50-78 per share.
This represents approximately 18 percent of OnMobile’s share capital.
“The sale is expected to be conducted within 75 days from the share purchase agreement date and is subject to the conditions set out in the SPA,” company said in its BSE filing.
OMSI believes OnMobile’s strong portfolio of products and long-standing operator relationships together with the technology thrust provided by Jumpnet will help cement the company’s position as a global leader in mobile entertainment.
OnMobile delivers more than 575 million music plays daily to mobile customers worldwide, while Jump Networks, formerly known as Iris Mediaworks, is a technology company providing next-generation digital services on ultra-low bandwidth to the under-served sections.
Source : http://tiny.cc/72gtcz