Jump Networks is a technology company that offers next generation digital services on ultra-low bandwidth.
The transaction, according to the company, would represent nearly 18% of OnMobile share capital.
Shares of OnMobile were up 20% during intraday trading at the Bombay Stock Exchange (BSE).
The sale is expected to be conducted within 75 days from the Share Purchase Agreement (SPA<\/a>) date and is subject to the conditions set out in the agreement.
The Bengaluru-based company said that its portfolio of products and long-standing operator relationships together with the technology thrust provided by Jump Networks would help in cementing OnMobile position as a global leader in mobile entertainment.
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