Promoter entity Proximus Opal will sell 6% stake in Root Mobile through OFS; Floor Price Rs. 1,635/share is set

Root Mobile promoter entity Proximus Opal will sell up to 38 lakh shares representing 6.03% stake in the company through an offer for sale (OFS). The Board has decided that per equity share Rs. 1,635 floor price has been fixed.

The offer price is based on Wednesday’s closing price of Root Mobile on BSE at Rs. is equivalent to 1,634.

The issue will open for non-retail investors on Thursday while retail investors can subscribe on Friday.

Proximus Opal’s stake in Root Mobile was 83.11% as on June 30, 2024 and the OFS is being conducted to meet the Securities and Exchange Board of India’s (SEBI) minimum public shareholding requirement.

Bids may be placed during normal market hours. In the non-retail portion, at least 25% OFS will be reserved for mutual funds and insurance companies, the company said in a filing on Wednesday.

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