Route Mobile board to consider buyback of shares on 28 June, stock soars 10%

Enterprise communications service provider Route Mobile

#ROUTE CMP 1193 8.5% Up

Board is considering buyback of shares on 28 June.

firm's trading window will remain closed from 23 June, 2022 till further intimation is submitted to the stock exchanges.

A share buyback, also known as share repurchase, is a corporate action to buy back its own outstanding shares from its existing shareholders usually at a premium to the prevailing market price.

It can be an alternative tax-efficient way to return money to shareholders.

Share buybacks reduce the number of shares in circulation, which can increase the share value and the earnings per share (EPS).

Route Mobile last month acquired the artificial intelligence-based blockchain and DLT platform of Teledgers Technology for over ₹130 crore.

#ROUTE CMP 1193 8.5% Up

Supports : 1000 & 975
Targets/Resistance : 1265, 1325 & 1365, 1475 & 1565
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