OnMobile Global rallies 20% as Jump Networks set to acquire promoter stake

Shares of OnMobile Global were locked in the upper circuit of 20 per cent at Rs 39 apiece on the BSE on Monday after Jump Networks announced that it will acquire entire 48.18 per cent promoter stake held by OnMobile Systems Inc (OMSI) in the company.

OMSI entered into a share purchase agreement (SPA) on September 13, 2019 with Jump Networks for the sale of 19 million equity shares of OnMobile at a price ranging from Rs 75.50 to Rs 78 per equity share. CLICK TO READ PRESS RELEASE

“This sale is expected to be conducted within 75 days from the SPA date and is subject to the conditions set out in the share purchase agreement,” OnMobile Global said in a BSE filing.

The company’s strong portfolio of products and long-standing operator relationships together with the technology thrust provided by Jump Networks will help in cementing company’s position as a global leader in mobile entertainment, it added.

Till 12:45 pm, a combined 281,099 equity shares changed hands on the BSE and NSE. There were pending buy orders for 230,827 shares on both the exchanges, data showed.

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