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Route Mobile stock rises 7% after Goldman Sachs buys 24 lakh shares

Route Mobile stock gained up to 6.74% to Rs 695 against previous close of Rs 651.10 on BSE

twitter-logoBusinessToday.In | September 22, 2020 | Updated 12:47 IST
Route Mobile stock rises 7% after Goldman Sachs buys 24 lakh shares
Route Mobile share opened marginally higher at Rs 656 today. It hit an intra day low of Rs 635.95.

Share price of Route Mobile rose nearly 7% today after US-based Goldman Sachs bought an additional 24.09 lakh equity shares or 4.23 percent stake in the firm via open market transactions.  Route Mobile stock gained up to 6.74% to Rs 695 against previous close of Rs 651.10 on BSE. The share opened marginally higher at Rs 656 today. It hit an intra day low of Rs 635.95.

Total 3.34 lakh shares changed hands amounting to turnover of Rs 22.26 crore. Market cap of the  firm rose to Rs 3,866 crore on BSE.

Goldman Sachs India Fund purchased 4,75,012 equity shares in Route Mobile, Goldman Sachs Trust Emerging Markets Equity Fund 8,00,908 shares and GS FDS SICAV GS Global Emerging Markets Equity Portfolio 11,33,423 shares at Rs 705.95 per share, a 101.7 percent premium over its issue price of Rs 350 per share, the bulk deals data showed on the National Stock Exchange.

Kuwait Investment Authority via Kuwait Investment Authority Fund 225 also purchased another 5,78,504 shares in Route Mobile (representing 1.01 percent of the total paid-up equity) at Rs 697.25 per share, a 99.2 percent premium over its issue price.

Route Mobile share makes stellar debut, lists at 105% premium over issue price

Goldman Sachs India and Kuwait Investment Authority Fund 225 had already bought 3,94,840 equity shares each in the company via anchor book, at Rs 350 per share on September 8.

The share of cloud communication services provider made a stellar debut on BSE and NSE on September 21. The share delivered over 100% gains to its investors. Stock of Route Mobile listed at a premium of 102.28% above its IPO issue price of Rs 350 on BSE.  Route Mobile share opened at Rs 708, gaining Rs 358 compared to its issue price. 

The share further rose to an intra day high of Rs 735, a gain of Rs 385 or 110%  above its issue price. On NSE, the share opened at Rs 717, gaining 104.85% to its issue price of Rs 350. Route Mobile stock rose 110% above its issue price to Rs 735 on an intra day basis.

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