09 Nov , 2021 By : Kanchan Joshi
Cloud communications platform Route Mobile on Monday announced the launch of its QIP (qualified institutional placement) of equity shares of face value of Rs10 each to qualified institutional buyers. Shares of Route Mobile plunged nearly 2% to Rs1,952 apiece on the BSE in Tuesday's opening deals.
The firm further informed in an exchange filing that the floor price in respect of the QIP, based on the pricing formula is Rs1949.24 per equity share. “..the company may, at its discretion, offer a discount of not more than 5% (five percent) on the floor price so calculated for the QIP," Route Mobile stated.
“The company's QIP has been opened and through this the company is planning to raise Rs750-1124 crore. We may see a high volatility in the stock to touch the level of 1800 in next trading sessions. Immediate support stands at 1800 - 1750 and resistance at 2000 levels," said Ravi Singh, Head of Research & Vice President, ShareIndia.
The issue price will be determined by the company in consultation with the book running lead managers appointed for the issue, it added. A meeting of the fund raising committee of the company shall be held on Friday, November 12, 2021, to inter alia, consider and determine the issue price of equity shares to be issued pursuant to the QIP, including any discount on the floor price calculated.
For the quarter ended September, enterprise communication services firm Route Mobile posted around 28% increase in its consolidated net profit to Rs42 crore from Rs32.72 crore in the year-ago quarter. Its revenue from operations increased by 25% to Rs438 crore during the reported quarter from Rs354 crore in the same quarter last year.
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