Belgium telecom provider Proximus to buy majority stake in India’s Route Mobile
The Hindu
Route Mobile’s shares were down 1.7%, reversing course after the stock jumped 8.3% to ₹1,759.90 after the announcement, its highest since February 2022.
Belgian telecom service provider Proximus Group on July 17 said it will buy a 57.56% stake in Route Mobile for $720.53 million.
Proximus will pay ₹1,626.40 per share of the Indian cloud communications platform provider, the former said in a statement, compared with Route Mobile's closing price of ₹1,625.35 on Friday.
Route Mobile's shares were down 1.7%, reversing course after the stock jumped 8.3% to ₹1,759.90 after the announcement, its highest since February 2022.
The acquisition will trigger a mandatory takeover offer for up to an additional 26% of the total outstanding shares at the same price per share according to Indian regulations, Proximus added.
Bitcoin’s march toward $100,000 made further ground on Thursday as the coin crossed $95,000.
Billionaire Gautam Adani indicted in New York for bribery and fraud scheme, impacting Adani Group's financial plans.
SEC charges Adani Group chairman with defrauding American investors and bribing officials in multi-billion-dollar solar energy project scheme.
Country Club Hospitality and Holidays Ltd clears ₹600 crore debt, explores global partnerships, franchise model for growth and expansion.
Steel Secretary addresses concerns over cheap steel imports from FTA nations, highlighting challenges faced by domestic industry.
Stock markets in India closed for Maharashtra elections, with a bounce back in domestic indices observed on Tuesday.
The sensor systems for vehicles in India are all imported. Nothing is made in India though they are engineered at a sustainable low cost, said ISRO Chairman S. Somanath.
Donald Trump's proposed tariffs on Chinese imports could impact global trade, inflation, and economic growth.
Evernorth Health Services opens global capability centre in Hyderabad, plans to hire 300 more employees by April.
Tata Power partners with Bhutan's DGPC to develop 5,000 MW clean energy capacity, strengthening regional clean energy sector.
Rupee closes flat against dollar amid geopolitical tensions, domestic market optimism; traders eye upcoming data and elections.