OnMobile service provider offers 1:1 bonus shares

BANGALORE, INDIA: Leading mobile value-added services provider OnMobile Global Ltd on  Monday announced 1:1 bonus shares to increase its authorised capital.

The city-based listed firm clarified in a statement later that the bonus shares would be treated as an increase in the capital and not income to its shareholders.

The company's 58.4 million shares are held by 21,690 shareholders, comprising promoters, corporates, mutual funds, banks, foreign institutional investors, non-resident Indians and individual investors.

"The bonus issue will encourage greater liquidity and increase the company's authorised share capital," the statement noted.

The bonus shares were issued to commemorate the company's 10th anniversary year at a board meeting earlier in the day.

"The company achieved several milestones in the past 10 years. As India's largest mobile value-added services provider, the bonus issue is in recognition of the support we have received from shareholders," OnMobile co-founder and chief executive Arvind Rao said.

With services across 52 countries, the Rs.454-crore company offers a range of products in mobile entertainment, search and discovery, data services and mobile social networking.