ROUTE MOBILE LIMITED has informed the Exchange regarding 'ISD updates'.
ROUTE · price
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Route Mobile Limited's promoters (the Gupta family) have signed a Share Purchase Agreement dated 17 July 2023 with Proximus Opal, a wholly-owned Belgian subsidiary of telecom major Proximus, to sell their entire 57.56% stake (3,64,14,286 shares) for about ₹5,922 crore at ₹1,626.40 per share. As required by SEBI Takeover Rules, this triggered a mandatory open offer for an additional 26% (1,64,49,633 shares) from public shareholders at the same price, worth up to ₹2,675.36 crore in total. Post-deal, Proximus will hold between 57.56% and 83.56% of the company and will become the new promoter, while existing MD & Group CEO Rajdipkumar Chandrakant Gupta will continue in his role. The deal is subject to regulatory approvals from 9 countries (including India, US CFIUS, Belgium), with a long-stop date of 17 January 2025.
This is a change-of-control takeover by a global telecom group acquiring a major Indian CPaaS player, generally viewed positively for the stock due to a defined exit price of ₹1,626.40 (a floor for public shareholders). Existing promoter group is completely exiting, signaling end of an era; however, continuity of the current MD/CEO and no delisting plans reduce operational disruption. Shareholders can choose to tender shares in the open offer or hold for potential long-term value from Proximus's global reach.