OnMobile Global hits the roof on fixing maximum buyback price

OnMobile Global hit an upper circuit limit of 5% at Rs 72.60 at 10:30 IST on BSE after the company said it will buyback shares at a price not exceeding Rs 86 per equity share.

The announcement was made after market hours yesterday, 11 December 2014.

Meanwhile, the BSE Sensex was up 62.25 points, or 0.23%, to 27,664.26.

On BSE, so far 1.45 lakh shares were traded in the counter, compared with an average volume of 6.01 lakh shares in the past one quarter.

The stock hit a high of Rs 72.60 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 72 so far during the day. The stock hit a 52-week low of Rs 25.85 on 30 January 2014.

The stock had outperformed the market over the past one month till 11 December 2014, rising 39.98% compared with 1.10% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 110.50% as against Sensex's 2.25% rise.

The small-cap company has an equity capital of Rs 114.25 crore. Face value per share is Rs 10.

OnMobile Global said its board at its meeting held on 11 December 2014, has decided to buyback the company's equity shares from open market through stock exchange mechanism at a price not exceeding Rs 86 per equity share payable in cash for an aggregate amount not exceeding Rs 49 crore.

The maximum buyback price of Rs 86 is 18.46% premium to the ruling market price.

OnMobile Global reported net loss of Rs 1.21 crore in Q2 September 2014 as against net profit of Rs 1.52 crore in Q2 September 2013. Net sales declined 7.81% to Rs 207.45 crore in Q2 September 2014 over Q2 September 2013.

OnMobile Global is headquarted in Bangalore with services in 59 countries on 5 continents. It is a global leader in the delivery of high quality mobile services.

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