OnMobile’s largest investor Argo Capital may sell out too

Jul 17, 2012

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#Argo Capital #CNBCTV18Exclusive #Goldman Sachs #OnMobile #Smallcap World #stake sale

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Argo Global Capital, Boston-based Venture Capital firm and largest investor in OnMobile may sell its stake in the company after CEO Arvind Rao quit on account of misappropriation of funds, reports CNBC TV 18′s Kritika Saxena.

.When contacted OnMobile, the company denied stake sale talks.Reuters

Argo Capital has appointed bankers to value OnMobile and is in talks with international telecom companies to sell the stake. Argo holds 35.22 percent stake in OnMobile, which provides value-added services for the mobile.

Argo will be the third investor to exit OnMobile after Goldman Sachs and Smallcap World sold shares in the company worth Rs 2 crore and Rs 15 crore, respectively.

OnMobile, however, has denied stake sale talks.

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- Smallcap World sells OnMobile shares worth Rs 15 cr
Jun 30, 2012

Post allegations of financial irregularities in the mobile data services firm, Onmobile, Smallcap World Fund Inc, a significant shareholder in the company sold sold shares worth Rs 12.75 crore on Friday.
#Arvind Rao #Barclays Capital Mauritius Ltd #OnMobile Global Limited #WhyNow
- Goldman offloads shares worth Rs 2 crore in OnMobile
Jul 9, 2012

Investment Bank Goldman Sachs offloaded 6.55 lakh shares of OnMobile, the value added services provider.
#CompanyWatch #Goldman Sachs #OnMobile
- OnMobile CEO quits as governance review finds fault
Jul 10, 2012

In another case of corporate mis-governance, Arvind Rao has quit as CEO of OnMobile Global, the country’s largest mobile value-added service solutions provider.
#Arvind Rao #CorporateStrategy #OnMobile

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