Home / Markets / Stock Markets /  Route Mobile board to consider share buyback today. Details here
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Route Mobile buyback: The board of directors of mid-cap company Route Mobile is going to consider the proposal for buyback of shares in its scheduled meeting today. After an interim dividend of 3 per equity share paid in FY22, this will be the second opportunity for Route Mobile shareholders to gain from other than route Mobile share price appreciation.

Informing about the Route Mobile share buyback consideration, the latest communications of the company says, "Pursuant to Regulation 29(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed that, a meeting of the Board of Directors of the Company is schedule to be held on Tuesday, June 28, 2022, inter alia, to consider a proposal for buyback of fully paid up equity shares of the Company, in accordance with the applicable provision under the Companies Act, 2013 (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 (as amended), and other applicable laws. Trading Window Closure: In terms of Company's Code of Conduct (''Code of Conduct'') for Prevention of Insider Trading, the trading window of the Company shall remain closed from June 23, 2022 till further intimation is submitted to the Stock Exchanges. The same has been informed to the Designated Persons in accordance with the above referred Code of Conduct."

After the scheduled meeting of the board of directors of Route Mobile, buyback price and record date is also expected today. The company board is also expected to announce the share buyback process (buyback from open market or from exchange).

Route Mobile is one of the dividend paying stocks in 2022 as the company turned ex-divided stock on 7th February 2022. It has paid a dividend of 3 per equity share to its shareholders in the financial year 2021-22. In FY21, Route Mobile had announced final dividend of 2 per equity share.

In Q4FY22 results, Route Mobile reported 0.15 crore net profit that stood at 6.98 crore in Q4FY21. So, the mid-cap company has recorded a year-on-year decline of near 97.85 per cent in its net profit. However, sales of the company in Q4FY22 stood at 99.66 crore, around 9.60 per cent up from its sales of 90.94 crore in Q4FY21.

In FY22, Route Mobile reported a net profit of 27.76 crore, around 24.30 per cent up from its net profit of 22.33 crore in Q4FY21.

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