OnMobile Systems Inc. (OMSI) has entered into a share purchase agreement with Jump Networks Limited (JumpNet) for the sale of 19,000,000 equity shares of OnMobile Global Limited (OnMobile) at a price ranging from Rs 75.50 per equity share to Rs 78.00 per equity share. This represents approximately 18 per cent of OnMobile’s share capital.
The sale is expected to be conducted within 75 days from the share purchase agreement date and is subject to the conditions set out in the agreement.
OMSI is the promoter of OnMobile and currently holds 48.18 per cent of the total issued and paid-up share capital of OnMobile.
OMSI’s believes that OnMobile’s strong portfolio of products and long-standing operator relationships together with the technology thrust provided by JumpNet will help in cementing OnMobile’s position as a global leader in mobile entertainment.
Leveraging a proprietary low bandwidth streaming technology and its reach to the next bottom billion of the society, the JumpNet investment can create tremendous impact in the lives of the masses by providing quality services across education, entertainment, mobile services, etc.