Route Mobile has acquired 2600 equity shares of face value of Rs 10 of Route Connect, a subsidiary of the company, from Call 2 Connect (Wholly Owned subsidiary of the Company). Pursuant to this, the holding of the company has increased from 74% to 100% of equity share capital of Route Connect.
The company is contemplating new line of business for which Route Connect is in process of procuring unified License and Virtual Network Operator License to inter?alia, cater the services as an Internet Service provider. Post this acquisition, Route Connect will become a wholly owned subsidiary of the company with dedicated objective of pursuing the aforesaid businesses. The acquisition will also simplify group structure & reduce compliance procedures.
Route Mobile is a cloud communications platform service provider, catering to enterprises, over-the-top (OTT) players, and mobile network operators (MNO).
