OnMobile shares surge on open offer premium

Reuters Market Eye - Shares in OnMobile Global surge as much as 13.1 percent to 34.45 rupees after majority shareholder Onmobile Systems Inc plans an open offer of an up to 10 percent stake in the provider of mobile services such as entertainment for as much as 476 million rupees.

Kotak Mahindra Capital, the manager to the offer, said in an exchange filing late on Tuesday that Onmobile Systems will buy up to 11.9 million shares of OnMobile Global at 40 rupees per share, representing a 31.4 percent premium to Tuesday's close of 30.45 rupees.

At 12.37 p.m., shares in OnMobile were up 11.3 percent to 33.90 rupees.

 

(Reporting by Indulal PM)