Moschip Technologies approves preferential issue for fund raising

Moschip Technologies continues to focus on Semiconductor / Embedded design services, Turnkey ASIC solutions, Semiconductor IP (Intellectual Properties) and IOT projects which have been enabling steady and sustainable growth.

The Board of Directors of the Company ('the Board') on the recommendation of the Audit Committee, at its Meeting held on 4th July 2022 has approved the proposal for raising of funds for an amount of Rs. 11 crores (Rupees Eleven crores) by way of issue of 1,801,801 Equity shares having face value of Rs. 2/- (Rupee Two) each at an issue price of Rs. 61.05. The proceeds of these will be used for working capital.

The board approved conversion of unsecured loan of Rs. 19 crores (Rupees Nineteen crores) from holding company, M/s Mayuka Holdings Private Limited to 3,112,203 Equity Shares having face value of Rs. 2/-(Rupee Two) each at an issue price of Rs. 61.05.

The aforesaid issue and allotment of equity shares will result in reduction of net debt of the Company from Rs. 62.50 crores to Rs. 32.50 crores along with an approximate saving in net finance cost by Rs. 3.92 crores on annual basis.

Shares of Moschip Technologies Ltd was last trading in BSE at Rs. 55.80 as compared to the previous close of Rs. 53.25. The total number of shares traded during the day was 405884 in over 1450 trades.

The stock hit an intraday high of Rs. 55.90 and intraday low of 52.85. The net turnover during the day was Rs. 22518721.00.

Source : Equity Bulls

Keywords

MoschipTechnologies INE935B01025 FundRaising PreferentialIssue