SINGAPORE, 1 October 2024 – Duane Morris & Selvam LLP recently acted as US counsel to Nuvama Wealth Management and Emkay Global Financial Services in their role as brokers to Proximus Opal on its divestment of a 6.03% stake in Route Mobile for approximately Rs, 6,213 million (US$74 million) through an Offer for Sale (OFS). With this share sale, Proximus Opal reduced its holding in Route Mobile to below 75% in compliance with the minimum public shareholding criteria, in accordance with the regulatory guidelines set by the Securities and Exchange Board of India (SEBI).
Duane Morris & Selvam’s team was led by Jamie Benson, the head of the firm’s U.S. Capital Markets and India practices.