Small-cap stock below ₹5: Board allots preferential issue worth ₹83.2 crore. Five things you should know
₹5: The board of directors of Sylph Technologies Ltd has approved preferential issue not exceeding ₹83.20 crore. The small-cap company has offered 26 crore company shares in this preferential issue that is available for non promoters and public category investors.
The preferential issue is offered at a price of ₹3.20 per equity share. The micro-cap company informed Indian exchanges about the preferential issue citing, “In terms of Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company in their meeting held on today i.e.
Monday, August 14, 2023, inter-alia considered and approved to create, issue and allot up to 26,00,00,0000 (Twenty-Six Crores only) fully Convertible Warrants (‘Warrants’), carrying a right exercisable by the Warrant holder to subscribe to one Equity Share having face value of Re.1/- per Warrant, to persons belonging to ‘Non-Promoter, Public Category’ on preferential basis at an issue price of ₹3.20/- (Rupees Three and Twenty Paisa Only) per Warrant, subject to shareholders’ approval and other statutory approvals, in accordance with provisions of Chapter V of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended up-to-date and applicable provisions of Companies Act, 2013 and rules made there-under, aggregating amount of up to ₹83,20,00,000/- (Rupees Eighty-Three Twenty Lakhs only) for cash." 1] Sylph Technologies preferential issue price: The issue is offered at a price of ₹3.20 per equity share. 2] Sylph Technologies preferential issue size: Total number of shares offered in this issue is 26 crore.
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