OnMobile Global jumps as parent firm makes open offer

OnMobile Global surged 10.69% to Rs 33.65 at 09:19 IST on BSE after the company's parent firm announced a voluntary open offer to the public shareholders.

The announcement was made after market hours on Tuesday, 11 February 2014.

Meanwhile, the S&P BSE Sensex was up 103.57 points or 0.51% at 20,466.94

On BSE, so far 3.24 lakh shares were traded in the counter as against average daily volume of 3.01 lakh shares in the past one quarter.

The stock hit a high of Rs 34 and a low of Rs 32.65 so far during the day. The stock had hit a record low of Rs 19.05 on 6 August 2013. The stock had hit a 52-week high of Rs 41.80 on 16 May 2013.

The small-cap company has equity capital of Rs 114.23 crore. Face value per share is Rs 10.

OnMobile Global's parent OnMobile Systems Inc announced a voluntary open offer to the public shareholders of OnMobile Global to acquire up to 1.19 crore equity shares, representing 10.03% of the fully diluted voting share capital, at Rs 40 per share. As on 31 December 2013, OnMobile Systems Inc held 3.90 crore shares, or 34.16% stake, in OnMobile Global.

The open offer price of Rs 40 per share represents a premium of 31.57% over the stock's closing price of Rs 30.40 on Tuesday, 11 February 2014.

OnMobile Global reported consolidated net loss of Rs 8.37 crore in Q3 December 2013 as against net profit of Rs 20.64 crore in Q3 December 2012. OnMobile Global's consolidated net sales rose 28% to Rs 225.47 crore in Q3 December 2013 over Q3 December 2012.

OnMobile Global, headquarted in Bangalore with services in 59 countries, is one of the largest white-labeled data and value added services (VAS) companies for mobile, landline and media service providers.

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