OnMobile Global surges as promoter makes open offer

OnMobile Systems Inc propose to acquire nearly 12 million shares of OnMobile Global at a price of Rs 40 per share.

OnMobile Global has surged 11% to Rs 33.75 after its largest shareholder and promoter OnMobile Systems Inc has made an open offer to acquire the company’s shares at a price of Rs 40 per share. This is a voluntary open offer, which allows any shareholders that want to exit, an option.

OnMobile Systems Inc propose to acquire up to 11.9 million equity shares of face value of Rs 10 of OnMobile Global representing 10.03% of the fully diluted voting share capital of the company at a price of Rs 40 per share, Kotak Mahindra Capital Company, manager to the open offer, said in a regulatory filing on behalf of OnMobile Global.

OnMobile will provide further details on the open offer by February 18, 2014 in a detailed public statement, it said.

As on 31 December 2013, OnMobile Systems Inc held 39 million shares, or 34.16% stake, in OnMobile Global.

The stock opened at Rs 33 and touched a high of Rs 34.50 on the BSE. A combined 4.79 million shares changed hands on the counter till early noon deals on the BSE and NSE.