Route Mobile board approves Rs 1.20 billion for buyback of shares

Route Mobile informed that its board had approved Rs 1.2 billion spending to buy back shares from shareholders barring promoter, promoter group and persons who are in control of the company. As per the regulatory filing, the board approved the buyback by the company of its fully paid-up equity shares having a face value of Rs 10 each at a price not exceeding Rs 1,700. Meanwhile, at a maximum buyback price of Rs 1,700, and a maximum buyback size of Rs 1.2 billion, the indicative maximum number of equity shares bought back would be 705,882, which is 1.12 per cent of the total number of paid-up equity shares of the company.