OnMobile Global locked at upper circuit

OnMobile Global announced on Monday that the company’s promoter OnMobile Systems Inc. entered into a share purchase agreement with Jump Networks Limited for sale of 19,000,000 equity share of OnMobile Global Limited. Reacting to the news, the stock of the company staged a whopping rise by 19.54 per cent on BSE.

Price for the sale of 19,000,000 equity shares of OnMobile Global Limited (OGL) is in a range from Rs. 75.50 per equity share to Rs. 78.00 per equity share. OnMobile Systems Inc. (OMSI) currently holds 48.18 per cent of the total issued and paid-up share capital of OGL.

In a press release, the company stated that OGL’s strong product portfolio and long-standing operator relationships along with the technology thrust of Jump Networks will help OGL to be a global leader in mobile entertainment. It also mentioned that leveraging a proprietary low bandwidth streaming technology and its reach to the next bottom billion of the society, Jump Networks investment can create tremendous impact in the lives of the masses by providing quality services across education, entertainment, mobile services.

OnMobile delivers more than 575 million music plays daily to mobile customers worldwide, while Jump Networks, formerly known as Iris Mediaworks, is a technology company providing next-generation digital services on ultra-low bandwidth to the under-served section.

Reacting to this news, the stock of OnMobile Global Limited hit its upper circuit of 20 per cent and thereby trading was suspended at Rs. 39.15 per share, up by 19.54 per cent or Rs. 6.4 per share. The stock’s 52-week high is Rs. 49.5 and 52-week low is Rs. 26.25 on BSE.