Sylph Technologies, a microcap player, has received approval from its board of directors to raise funds through a preferential issue. The company plans to raise up to Rs 83.20 crore by offering 26 crore company warrants to non-promoter and public category investors at a price of Rs 3.20 per equity share. Each warrant will entitle the holder to subscribe to one equity share at the issue price of Rs 3.20 per warrant.
However, this warrant issuance is subject to approval from shareholders and other statutory approvals. The company’s fundraising committee has also approved the issuance and allotment of equity shares for an additional amount not exceeding Rs 100 crore. This can be done through methods such as QIPs, ADR, GDR, FCCB, or any other combination including a series of right issues, with each tranche not exceeding Rs 50 crore.
The company’s stock price surged 7% to Rs 3.40 on Thursday, after settling at Rs 3.19 on Monday. Over the past two years, the stock has delivered a return of more than 1,600%, and it has gained over 200% from its 52-week low of Rs 1.12 per share.
Sylph Technologies, founded in 1992, provides software development services, newspaper distribution, and trading of financial instruments. The company serves as a development partner, e-commerce enabler, and solution provider for various industries.
