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Corporate Jun 30, 2012

Smallcap World sells OnMobile shares worth Rs 15 cr

Smallcap World Fund Inc, a significant shareholder in OnMobile Global, has sold shares worth Rs 12.75 crore in the telecom services provider which is facing allegations of financial irregularities.

The entity offloaded more than 40.31 lakh shares in two bulk deals on the National Stock Exchange on Friday. These shares were worth Rs 12.75 crore. Smallcap World Fund Inc held 6.25 percent stake in OnMobile at end of 2012 March quarter, according to BSE data.

The promoter was accused of siphoning off company funds for a private venture. In.com

Meanwhile on the BSE, Smallcap World Fund sold 7.86 lakh shares worth Rs 2.58 crore of OnMobile through a bulk deal. In a separate bulk deal on the National Stock Exchange, Barclays Capital Mauritius bought 7.28 lakh shares of OnMobile for about Rs 2.33 crore.

Shares of the company today slumped 8.12 percent to close at Rs 30.55 on the BSE. On Thursday, OnMobile Global had denied "all rumours and allegations, which are baseless and devoid of factual accuracy".

The company had noted that its CEO Arvind Rao was not being investigated by the board for any misappropriation of funds.

However, "to ensure that the rest of the business gets adequate focus the day to day operations of the company are being overseen by a sub committee of the board," it had said.

The promoter was accused of siphoning off company funds for a private venture.

PTI


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