SecureKloud Technologies Limited allots 2,84,000 shares on conversion of warrants

SecureKloud Technologies Limited (SecureKloud or the Company) had earlier announced regarding preferential allotment of 45,00,000 warrants to Mr. Suresh Venkatachari, the Promoter Director & CEO of the company, at a price of Rs 100/-.

Mr. Suresh Venkatachari has paid 25% of the issue price of each warrant i.e. INR 11,25,00,000/- (Indian Rupees Eleven Crore Twenty Five Lakhs only). The entitlement against the warrants to apply for the equity shares shall be exercised within 18 months from the date of allotment of the warrants.

Further, Mr. Suresh Venkatachari (warrant holder) has applied for conversion of part of warrants into equity shares by paying a sum of INR 2,13,00,000/- (Indian Rupees Two Crores thirteen lakhs only). Consequently, the Board of Directors of the Company have by way of resolution passed by circulation today made allotment of 2,84,000 equity shares of Rs 5/- each full paid-up at an issue price of Rs. 100/- to the warrant holder. These equity shares arising on conversion of the warrants, shall rank pari passu in all respects with the existing equity shares, including dividend, if any.

The equity shares allotted pursuant to the conversion, shall be subject to lock-in for a period of upto three years from the date of receipt of trading approval of the stock exchanges where the securities of the Company are listed.

Consequent to the aforementioned allotment; the paid-up equity share capital of the Company stands increased to INR 15,40,08,025/- (Indian Rupees Fifteen Crores Forty Lakhs Eight Thousand and Twenty-Five only) divided into 3,08,01,605 equity shares of Rs.5/- each. Post this allotment, the shareholding of Mr. Suresh Venkatachari has increased to 37.22% of the enhanced paid-up equity share capital of the company.

Shares of SECUREKLOUD TECHNOLOGIES LIMITED was last trading in BSE at Rs. 173.20 as compared to the previous close of Rs. 181.30. The total number of shares traded during the day was 23738 in over 769 trades.

The stock hit an intraday high of Rs. 180.05 and intraday low of 172.25. The net turnover during the day was Rs. 4141108.00.

Source : Equity Bulls

Keywords

SECUREKLOUDTECHNOLOGIES INE650K01021 WarrantsConversion PromoterDirector CEO