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India's OnMobile shares surge on open offer premium

Feb 12 2014, 13:30 IST
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Shares of India's OnMobile Global surge as much as 13.1 percent to Rs 34.45. Reuters Shares of India's OnMobile Global surge as much as 13.1 percent to Rs 34.45. Reuters
SummaryOnmobile Systems will buy up to 11.9 million shares of OnMobile Global at Rs 40 per share.

Shares of India's OnMobile Global surge as much as 13.1 percent to Rs 34.45 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 ($7.64 million).

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 Rs 40 per share, representing a 31.4 percent premium to Tuesday's close of Rs 30.45.

At 0558 GMT, shares in OnMobile were up 11.17 percent to Rs 33.85.

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